Growth in investments is expected after the repeat Presidential election buoyed by Kenya’s improved infrastructure.
Vision 2030 Director General Julius Muia says some of the projects expected to spark investment include the Lamu Port-South Sudan-Ethiopia-Transport project where investors have expressed overwhelming interest.
Economists have predicted a slight drop in the growth of the economy to 4.9% down from 5.5% last year citing prolonged politicking in the country.
Muia however says that this will be a short-term shock which will even-up immediately after the repeat elections when political temperatures ease off.
The Director General notes that the resilience of the stocks market and the stellar performance of the Kenya shilling following the historic Supreme Court ruling shows Kenya’s economy is resilient.
The Lamu Port-South Sudan-Ethiopia-Transport (LAPSSET) project is one of the developments expected to spur economic growth since it is one of the many transformational projects where investors have expressed overwhelming interest especially in high technology components that involve development of the country’s biggest steel mill operation.
“The aspirations of Kenyans still remain true: that the economy will enjoy a high economic growth rate to propel the country to upper middle income status and enable the citizens to enjoy decent lives,” Muia says.
The Medium Term Plan (MTP III) which lays emphasis on structural transformation and a strong growth in the manufacturing and industrial sectors is expected to boost the country’s exports and improve the performance of the economy.
“Consistent implementation of large developmental projects and substantial investments in capital, technology and expertise in new sector such as mining, oil and gas as well as the blue economy are expected to kick start once the repeat presidential election is held, bringing an end to a long election season,” he adds.