We must cut down on borrowing and focus on reducing deficit

In the past two years, Kenya has become a favourite destination of world leaders, often accompanied by large delegations of businessmen and entrepreneurs. The country has seen leaders of China, US, Germany, South Korea, Turkey and other major countries in the past year, with most signing important bilateral agreements. The President has also been globe-trotting to many capitals of the world marketing the country’s business opportunities, often accompanied by large groups of businessmen too. Kenya has also become a hotbed of international trade and development conferences, after hosting WTO and the Global Entrepreneurship Summit among several others lined up this year too.

Nairobi was the top Foreign Direct Investment (FDIs) destination in Africa last year, taking up to 12 per cent of all inflows. The popular Fortune magazine voted Kenya as one of the seven best investment destinations in the world that includes India, Malaysia, Indonesia, Mexico, Poland and Columbia, saying ‘few countries offer better destinations than Kenya’. Kenya has also been cited as the most attractive market for mergers and acquisitions in Africa. More significantly, the World Bank ranked it as the third most improved in business regulatory reforms globally. On global competitiveness in the economic arena last year, Kenya ranked ahead of the continent’s largest economy, Nigeria although South Africa still remains the most competitive.