Kenya highlights economic potential at German-African Business Summit 2024

By Robert Mutasi

Prime Cabinet Secretary Musalia Mudavadi has reiterated Kenya's position in regional economic matters, highlighting that the country's financial market is one of the most open and vibrant in Africa.

While speaking in Germany during the 5th German-African Business Summit GABS 2024, Mudavadi assured the investors of Kenya's favorable business climate, including the freedom of repatriation of returns without inhibition.

He pointed out that Kenyan financial institutions run over 550 branches across East Africa, further cementing the country's position as a leading economic hub.

"Kenya remains firm in its resolve to being the gateway to East Africa and the larger African market," said Mudavadi, who pointed out that the country was aligned to Vision 2030, which is a strategic blueprint for industrialization to the middle-income status.

Mudavadi also reiterated Kenya's commitment to sustainable development, citing various ongoing collaborations with global partners to achieve the United Nations SDGs, especially in clean energy, climate action, and shared commitment to inclusive economic growth.

The Prime Cabinet Secretary praised Germany as a vital partner, with collaborations extending to labor migration, climate resilience, education, and healthcare, away from business.

He further described the partnership as instrumental for addressing global challenges and reaping shared prosperity.

"The German-African Business Summit is more than just a business platform; it's a catalyst for deepening partnerships and unlocking new opportunities for a shared future," said Mudavadi.

In fact, what Kenya is doing puts into context the bigger picture of its engagements towards cementing relations with other states.

The summit also saw the country attract various investors in major sectors such as infrastructure, renewable energy, and manufacturing.

Mudavadi also noted the position of Kenya's financial openness, which drives regional integration and trade, to reaffirm Kenya's leadership in the support of business and innovation.

As Kenya continues to align its development agenda with global priorities, the partnerships nurtured at GABS 2024 are expected to play a critical role in fostering economic growth and sustainability.

The summit underlined Kenya's readiness to work with international partners, especially Germany, to tackle pressing challenges while seizing emerging opportunities across various sectors.

The event marked another milestone in Kenya's journey towards realizing its Vision 2030 goals and cementing its leading position in the economic transformation taking place in Africa.