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EDITORIAL

Kenya's new course, time to believe in it

Opportunities for recovery and investment open up

12-09-2022 by Freddie del Curatolo

There is no doubt that a new period is about to open, projected into the future and from many points of view interesting and stimulating for Italians who intend to invest in Kenya.
The happy conclusion of the electoral process in Kenya, meaning without the dross of intemperance or complications of any kind that did not go beyond the natural propensity of the defeated to appeal to the courts (as has been the case every five years since 2002) and the new course that sees for the first time at the head of government an 'emergent', i.e. William Ruto not directly linked to the country's history, such as the Kenyatta and Odinga families, bode well for hope and not only for incurable optimists. If in fact both the Western bloc represented by the United States and France and the Eastern bloc led by the mighty Chinese (but Russia, too, was secretly rooting for Ruto) have already welcomed the new leader and promise to strengthen relations, even the certainly not easy period for the economy and the contingencies in East Africa suggest that 'once the bottom has been reached, one can only rise again'.
The bottom is represented by galloping inflation, the food emergency due to the blockade of imports from Russia and Ukraine, and the drought that has drastically reduced domestic production of basic agricultural products. The upswing, on the other hand, is projected by the recovering GDP and, above all, Kenya's great potential in terms of raw materials and development possibilities in various fields, from infrastructure to renewable energy, to external participation in the project of creating a domestic industry that is one of the pillars of the policy of Ruto and his coalition.
The words of our now former Ambassador Alberto Pieri, who described Kenya as a nation that is now 'mature and even more solid democratically, a reference point of stability for the entire region' confirm the willingness of the US and China to continue their memoranda of understanding with Nairobi. This can give lymph to investors from the rest of the world, including Italy, and not only in the highest systems. Tourism, for example, can recover thanks to new, more international visions that abandon the autarkic idea that has accompanied the ideas of the Ministry of Tourism in recent years, reviewing the agreements on the opening of the skies to all airlines that request to create routes to Kenya and the long-awaited and longed-for Malindi International Airport.

From this point of view, as we already announced the day after his election, the new governor of Kilifi County Gideon Mung'aro, former manager of Briatore and a great connoisseur not only of Watamu where he was born and of Malindi where he was mayor, but of the potential of the tourism sector, could be the classic spark with which to revive the flame of an entire industry that, through business facilitation for foreigners, can create both investment opportunities and jobs. Ergo, in our opinion, this is the moment for optimism of wills, to resume talks left unfinished before the pandemic, when things were starting to turn around again (a very promising season, that between 2019 and March 2020). For Italians who want to invest and who rightly see Sub-Saharan Africa as an alternative to the stagnant and now almost impracticable market on the old continent, this may be the time to seize business and projected opportunities.
Provided that the new government immediately begins to clarify the relations it intends to establish with those who are ready to collaborate but at the same time rightly demand greater consideration. Interesting in this regard are the words of Ruto, who confirmed the possibility for foreigners who would like to work 'in accordance with the laws of Kenya and for any kind of activity' to interact with the new course, and also the recent words of one of the new government's 'opinion makers' and possible legulators, lawyer and businessman Ahmednassir Abdullahi, who advised Ruto to prioritise clarity and the fight against internal corruption, which would save the country billions of shillings and entice international investment into the country. As always, we will watch and report back on Kenya's new William Ruto-led path.

TAGS: governoinvestimentiturismo

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by Freddie del Curatolo