[Kenya Business Week] Conquering the skies, an innovation at a time
Weeks after launching direct flights to the United States, Kenya is streamlining its aviation sector further as it looks to bolster regional and global markets and exert dominance in an increasingly competitive sector.
This week President Kenyatta announced that his government was investing in the provision of suitable aviation infrastructure to facilitate the industry and enable it to play its critical role in boosting the growth of our economy. The announcement came even as Kenya became the the first country in the world to adopt TIACA’s new Cargo Service Quality (CSQ) tool nationwide, in a bid to improve standards at all airports across the country. The tool aims to set new global benchmarking standards for the worldwide airfreight industry to adopt, and in turn enhance quality across the chain. Kenya has traditionally invested in its key aviation infrastructure including expansion of Jomo Kenyatta International Airport which has paid off, with the airport rated among the top five in Africa and granted Category One Status which has opened more markets.
Kenya has also this week launched new generation shilling coins to honour the wishes of the people of Kenya in regard to their national currency, as expressed in the Constitution.
And the country's 2019 growth prospects are set to rebound and are expected to hit the 5.4% mark this year after dropping to 4.9% according to ICAEW report. The World Bank in October released a report that also indicated that Kenya’s GDP growth is projected to rise to 5.7% in 2018—up from 4.9% in 2017—and continue to increase steadily to 5.8% in 2019, and 6.0% in 2020.
This institution in April this year had indicated Kenya economic growth would rebound by 5.5 per cent up from 4.8 per cent in 2017. Last year, economic activity in Kenya declined to its weakest level in five years occassioned by drought, slowdown in credit growth to the private sector and a rise in global oil prices.
World Bank has always indicated that Kenya’s economy is strong and resilient even in a challenging global environment and even placed it among the fastest growing economies in Africa.
The private sector is a key driver of a countrry's economic growth. Kenya’s private sector economy improved solidly in November, although the rates of growth in output and new orders were marginally below those seen in October according to a Stanbic Bank report.
The June report had signaled a robust, albeit softer, improvement in business conditions across Kenya’s private sector. This was signaled by sharp, albeit slower, rises in output and new business. A similar one in February indicated that private sector output growth accelerated to fastest in two years in January.
Konza Technopolis Development Authority and Huawei have announced plans to set up an innovation hub in Kenya, at Machakos University. This announcement marks the latest forays of the technology company in Kenya. It has previously collaborated with Safaricom, ICT Authority, Hangzhous Melot and invested its infrastructure in key projects including MPESA and Standard Gauge Railway.
Kenya's Director of Public Prosecution Noordin Haji has called on all stakeholders in financial institutions and banking sector to work together to strengthen the fight against mobile money fraud and cybercrime.
The country has been grappling with sim swap, one of the greatest cybercrimes to have been witnessed. The Director of Criminal Investigations has assured the public that the fight against Sim Swap fraud is on course. Kenya is ranked 69th most vulnerable country to cyber crime out of 127 nations according to the the Global Threat Index. Safaricom that has been hard hit by the sim swap debacle is mulling introducing finger biometric to curb the fraud.
Boreal Light GmbH has announced the launch of Water Desalination System in Miamba, Kwale County. The system can produce more than 10,000 liters of hygienic desalinated water per day, which the Miamba community will use for irrigation and drinking water.
And United Nations Secretary General has appointed Central Bank of Kenya Governor Patrick Njoroge to the Task Force on Digital Financing for the Sustainable Development Goals.
