NAIROBI, Kenya, Sept, 18 – Investment activities in the country will increase significantly after the October 17 repeat presidential elections.
Kenya Vision 2030 Delivery Secretariat says this will be on the back of major appetite by foreign investors especially in the various infrastructure projects.
Director General Julius Muia says the Lamu Port South Sudan Ethiopia Transport, for instance, has attracted a lot of attention especially in high technology components that involve the development of what will be the country’s biggest steel mill operation.
“A project of the LAPSSET magnitude is very important to the economy as it will open-up two-thirds of the country’s investment space and will stir activities that will spark an uptick in economic growth,” Muia said.
Economists have projected a slight drop in the growth of the economy to 4.9 percent down from 5.5 percent last year citing prolonged politicking in the country.
The Secretariat has also termed this downturn as a short-term shock which will even-up immediately after the repeat elections.
“Compared to previous electoral cycles, this dip is relatively low and signals the distancing of the economy from politics,” Muia said.
“Increased confidence shown by investors following a historic Supreme Court ruling, resilience of the stocks market and stellar performance of the Kenya Shilling against the US Dollar are key developments that give us confidence in the stability of economic performance,” he added.