Trucks carrying goods at Uganda-Rwanda border post of Cyanika. With a population of 100 million people, trade within the consumer market alone can elevate the Central African nation beyond imagination. PHOTO | FILE | NMG
Delegates from Kenya who visited DR Congo recently got a front-row experience on what they need to kick-start and sustain operations in the country
When businesses are looking to expand internationally, they take several factors into consideration. The decision making can be lengthy as entrepreneurs conduct due diligence.
Recently, economists and political analysts have described the current DR Congo government as one keen to establish and implement infrastructure and policies that support modernisation and growth of the local economy.
DR Congo has also made a formal application to join the East African Community, and this was approved at the 18th Extra Ordinary Heads of State Summit, making the nation the 7th member of the trade bloc.
The application to join the EAC followed the signing of bilateral agreements with other EAC member states including Kenya, Uganda and Rwanda aimed at improving infrastructure, transport, mining and security as well as promoting trade and protecting investments.
So, what perceptions of the market should local investors looking to venture into the DR Congo have?
Many of us know DR Congo for its culture, particularly Lingala music, which has gained popularity across the globe. We also know the country for its rich minerals.
However, the DRC is more. It can be described as a land of opportunities, with the potential to be a key driver of Africa’s economic influence.
With a population of 100 million people, trade within the consumer market alone can elevate the Central African nation beyond imagination.
Kinshasa, DR Congo’s capital, has the largest population in Africa with 14 million inhabitants. It is also located next to Brazzaville, the capital of the Congo Republic. In addition, it is the second largest French-speaking city after Paris.
River Congo opportunities
The country also hosts the continent’s second largest river, River Congo, popularly known as Flueve Congo. The river feeds many households and has the potential to position the DRC as the future of the energy value chain through generation of hydroelectric power for homes, businesses and industries.
River Congo plays a great role as a key waterway, with several inland ports anchoring trade and commerce from the Atlantic Ocean.
Other opportunities for investments lie in food and agriculture, manufacturing, cross border trade, real estate, tourism and construction. The opportunities that the DRC offers can only be limited by our aspirations and ambitions as well as by socio-economic factors that can be solved through partnerships with the government and local entrepreneurs.
Recently more than 300 local entrepreneurs and businesses travelled to the DR Congo for a 15-day trade mission by the governments of Kenya and the DR Congo in collaboration with the Equity Group. The intention was to help these businesses identify opportunities and establish market linkages to promote regional investment and expansion.
This is a welcome move because it has provided an avenue for local businesses to enter the central African country and learn about how the market operates and what opportunities they can seize.
The trade mission brought together more than 7,000 business people from Kenya and the DR Congo, creating a huge network for the entrepreneurs.
Optiven Real Estate, a local Kenyan SME, signed a $15 million partnership deal with Groupe Resolution from DR Congo and together, they will offer affordable housing and land value addition. This new partnership is an indication of how trade missions promote cross-border trade.
This is key in implementing the African Continental Free Trade Area aspiration of growing intra Africa trade.
Trade missions
I urge Kenyan entrepreneurs to take advantage of trade missions to experience markets they have interest in and to assess opportunities and business niches.
The delegates from Kenya experienced the DR Congo for 15-days and got front row experiences on the anticipated challenges, the quick wins and what they need to kick-start and sustain operations in the central African nation.
The DR Congo they now know has turned out to be quite different from what they knew and they now have a chance to contribute to the elevation of the DR Congo’s economy, with an expected ripple effect on Kenya’s export value and quantities, money transfer transaction volumes and human resource transfer.
A win for local entrepreneurs, investors and SMEs is a win for both the Kenyan and the DR Congo economies.
Christine Maina is the president of the DR Congo Kenya Chamber of Commerce
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