[Kenya Business Week] Cementing US trade with direct flights
Known for its aggressive approach in selling its economic sectors, Kenya has this week been on a charm offensive, as both public and private players step up efforts to win investors and grow businesses.
The country has called on investors to take advantage of the flights between Nairobi and New York, set to begin in October, to expand business. James Macharia, Cabinet Secretary for Transport, said that the collaboration by Kenya Airways and the U.S. will transform Nairobi into commercial and transport hub that will come with all the attendant features to enhance trade. The flower industry is already looking to grow volumes and sales with this latest development.
This news has followed negotiated deals between the two countries worth 1$00 million signed at the just concluded US-Kenya conference in Nairobi.
To meet the growing and diverse needs of the country President Uhuru Kenyatta has challenged scientists and innovators to be at the forefront in finding solutions for challenges facing the country. Even as players continue to rally behind the president's call, Kenya has positioned itself as the innovation hub of the region and has caught the world's attention by chairing key continental meeting on innovation in education, hosting Facebook CEO with multinationals like IBM and Philips opening shops in the country to tap into a booming generation of innovators.
The Capital Markets Industry has agreed to work together in a joint strategy to enhance product uptake and listings at the Nairobi Securities Exchange (NSE) to meet the aspirational objectives of the 10-year Capital Market Master Plan, 2014-2023. Capital Markets Authority, one of the players has for example been in partnership with Abu Dhabi Global Market to support cross border activities and also approved a Policy Guidance Note (PGN) for the listing and trading of global depositary receipts and notes.
This week also saw WorldBusiness Capital, Inc. annoucing the closing of a $10 million, 10-year commercial loan to Victoria Commercial Bank Limited (VCB) of Kenya.