Key Facts
The third largest economy in Sub-Saharan Africa, Kenya has deep-rooted links with the United Kingdom. This stems from their shared history, enduring friendship and vital political, economic, commercial & cultural interests. Their workforce is large, highly educated and skilled, with 55% of the population aged between 15 and 64.
Kenya’s economy is market-based with a liberalised foreign trade policy. There are strong growth prospects, supported by an emerging middle class and an increasing appetite for high-value goods and services.
Kenya’s membership to regional economic blocs, coupled with her strategic geographic position, makes the country the gateway to the huge East African Community (EAC) market with over 135 million people, and the Common Market for Eastern and Southern Africa (COMESA) market with over 450 million people.
Their Business Claim to Fame
There are over 200 UK companies operating in Kenya, with bilateral trade between Kenya and UK exceeding KES 139 billion (£1 billion).
Recognisable brands from the Kenyan Chamber membership include Standard Chartered Bank, PricewaterhouseCoopers, KPMG International Limited, Diageo Plc, East African Breweries Ltd, GlaxoSmithKline, G4S, Plc7, Safaricom, British Airways, Ernst & Young LLP, AstraZeneca and Chandaria Industries.
Their Most Exciting Sector Opportunities
· Local manufacturing and supply chains
· Agriculture – production, technology, and value-addition
· Fintech and payments
· Energy and renewables
· Infrastructure
· Education vocational training and skills
· Financial services
· Tourism
Their Top Business Culture Tips
· The official languages of Kenya are Swahili and English
· A handshake is an appropriate greeting – start with the senior most person in the group and be sure to shake hands with each person
· Kenya is largely a hierarchical society. Reference to seniority is rigid and expected. Blunt statements are best avoided as they may appear rude
· Meetings generally begin on time although there’s little chance of end time always being adhered to. Spending time on small talk is important – rushing this aspect of a meeting will leave a bad impression
· Kenyan businesspeople have a low tolerance for risk, and decision makers tend to proceed cautiously once all information has been considered. This may take a long time and requires patience and resilience from businesses
· Business success is closely connected to interpersonal success, so it’s vital to invest time in getting to know potential partners and understanding their culture and background
Web address:
Thanks to our colleagues in the British Chamber of Commerce Kenya for these insights!
Find out more: www.chambercustoms.co.uk