SGR is one of the key infrastructure projects Kenya has implemented. FILE PHOTO | NMG
Kenya is ranked third out of 66 economies showing best potential
in future trade growth, a new report by multinational financier
Standard Chartered Plc shows.
The study considered improvements to physical and digital infrastructure, ecommerce and ease of doing business.
Cote
d’Ivoire comes on top followed by India on the list of the top 20
economies which is dominated by countries in Africa and Asia.
The
ranking took account of a range of variables grouped into three pillars
— economic dynamism, readiness to trade and export diversity. Kenya
benefited from improving business climate generally.
“Côte
d’Ivoire and Kenya are leading the pack and Ghana also performs well.
The particularly strong trade readiness exhibited by Côte d’Ivoire and
Kenya is driven by improvements to their business environments, with
enhanced digital and physical infrastructure, and moves to improve their
ease of doing business,” said Stanchart in the report.
“Although
these are smaller economies that cannot be expected to match the
overall trading potential of larger trading powers, our index shows that
they are progressing quickly, albeit from a low starting point.”
Some of the more visible changes in Kenya have been in road and
railway development, which has made it easier to move goods both within
the country and to trading partners in the region.
The
World Bank reported this year in its ease of doing business report that
Kenya was among the most improved in the past one year.
The
Bretton Woods institution ranked Kenya position 61 globally in 2019 –
an improvement of 19 positions in a year and 31 positions in two years –
and in the top seven in annual improvement thanks largely to progress
made in registering property, protecting minority investors, paying
taxes and access to credit.
Kenya also introduced a new
insolvency law, modernising its old law to making it easier for
companies to resolve their financial problems.
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