As a high level delegation of industry captains leaves for Ethiopia under the auspices of the Kenya Association of Manufacturers (KAM) and headed by the Cabinet Secretary for East African Community Affairs, Commerce and Tourism, Mrs Phyllis Kandie, it is pleasing to note the strides that Kenyan manufacturers and the private sector in general are making in exploiting opportunities in African markets.
KAM was highly instrumental in lobbying government to have the Ethiopian market opened which saw the signing of the Special Status Agreement between Kenya and Ethiopia late last year and this opened doors for immense opportunities for local manufacturers. The current government is clear about focusing on opening more trade opportunities in Africa. Currently Kenya exports 45pc of it total world exports to Africa and these only account for 15pc of the trade in Africa and there is an opportunity to increase the market share in Africa to 40pc.
The strategy to extend Kenyan products' footprint to more African markets is noble. This will however need to be supported by a deliberate move by local companies to expand into those markets.
Africa is an emerging global market and it would be foolhardy for the business community in Kenya to rest on laurels expecting anyone from outer space to come and give them markets on a silver platter. Penetrating new markets requires a high level of aggression and due diligence on the feasibility of the venture.
Africa's combined gross domestic product stands at just over USD1.6 trillion and is expected will rise to USD2.6 trillion in 2020 with a spending power of USD1.4 trillion. The continent's combined working age population in 2040 of 1.1bn people will be greater than China and India combined. Kenya is poised to have the largest working population by 2040 and there is need to create job opportunities in for the working populace on the continent.
Africa is bursting with opportunity and there is need for concerted efforts towards accessing markets and removing any hurdles in the way to the realization of the African promise.
To maximize on the opportunities available on the continent there is need for commitment, competence and support of foreign missions in the various markets.
This brings to thought the notion on the structure and competence of our foreign missions. From a business perspective, it is obvious that the East African region is where many of Kenyan products are exported and one would expect strong presence of missions there.
