Kenya’s government is confident that the country’s Doing Business rankings will improve this year. East African Community and Regional Development Cabinet Secretary, Adan Mohamed has expressed optimism with regard to the country’s doing business rankings that the World Bank is set to announce on October 31st, 2018.
Kenya was ranked 136th globally in 2014 and improved to 80th last year. The country aims to hit the top 50 by 2020.
“The trajectory towards this goal continues to be on track, as competitiveness in EAC and globally heightens as a critical ingredient to attracting investments”, said Mr. Mohamed.
The World Bank index measures areas such as starting a business, registering property, construction permits, paying taxes, trading across borders, getting credit, getting electricity and protecting minority investors.
“We are confident that the reforms we have put in place as a country especially under the ease of doing business program would go a long way in making Kenya a pace setter in the region and encourage other member states to follow suit. As we advance in resolving barriers to trade and entrench reforms that herald new ways of doing business, we are optimistic that the accolades under the ease of doing business reforms will continue to get even better”, Mr. Mohamed explained.
Kenya has made significant investments in infrastructure such as its famous Standard Gauge Railway (SGR), as well as the Port of Mombasa along its coast. The East African nation has also increased its energy supply. These three developments serve as critical enablers to improving competitiveness.
The CS highlighted the completion of the five One Stop Border Posts (OSBPS) at Malaba, Busia, Holili, Namanga and Isibania regions and other infrastructural projects that are aimed at reducing the queues of export-carrying trucks at the various border points.
This has subsequently improved the trading across borders, paying taxes amongst other indicators that are monitored by the World Bank.
Kenya has been making major strides under the doing business program over the past 4 years, making it the most reformed economy in the region and the continent. As a result, the East African Community (EAC) now accounts for 25% of Kenya’s global trade, making it one of the region’s most significant trading blocs.