Kenya Business
• Main exports: Tea, horticultural products, coffee, petroleum products and fish.
• Main imports: Machinery and transportation equipment, petroleum products, motor vehicles, iron and steel.
• Main trade partners: Africa (Uganda and Tanzania mainly), EU (UK and Netherlands mainly), and the Far East.
Economy
In the service sector, tourism is the largest industry and principal source of foreign exchange. Kenya attracts around 1.8 million visitors annually.
Like many African countries, Kenya signed up to an IMF-imposed Structural Adjustment Programme in the mid 1990s, but because of concerns about political reform and widespread corruption, the IMF and World Bank withdrew support in 2000. However, following introduction of anti-corruption measures and privatisation of several major state-owned enterprises, the IMF approved the new Poverty Reduction and Growth Facility in 2003.
Overall economic performance has been disappointing due to persistent government failures and slow reform; inflation was at 10.5% in 2006. However, since election of the NARC government, growth has picked up, reaching 5.7% in 2006. Unemployment is difficult to measure in Kenya, but was given as 40% in 2001.
After a failed attempt in 1977, an East African Customs Union was established with Tanzania and Uganda in 2005. In 2006, Kenya signed a 20-year bilateral agreement with China for oil exploration.
Business Etiquette
Office hours: Mon-Fri 0900-1300 and 1400-1700.
Conferences & Conventions
Business Contacts
PO Box 47024, 36 Ufanisi House, Hailé Sélassie Avenue, Nairobi, Kenya
Tel: (020) 220 867.
Website: www.kenyachamber.co.ke
Investment Promotion Centre
PO Box 55704, 8th Floor, National Bank Building, Harambee Avenue, Kenya City Square 00200, Nairobi, Kenya
Tel: (020) 221 401.
Website: www.investmentkenya.com
The Kenyatta International Conference Centre
PO Box 30746, Nairobi, Kenya
Tel: (020) 247 277.
Website: www.kicc.co.ke
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