The British Standard Chartered Bank carried out the new study putting Kenya as the principal country in the region in regard to starting the appropriate foundations to support future trade growth such as physical and digital infrastructure, e-commerce and ease of doing business.
Doing business in East Africa and the opportunity for international businesses to invest in the region is a glowingly attractive prospect after a new study defined how East African countries rank among the top 20 global economies with prospective to grow their trade volumes.
Nairobi was followed closely by Uganda and Tanzania. Universally, Kenya ranked second after China with Uganda and Tanzania coming at 17th and 19th positions respectively.
The study, dubbed Trade 20 Index sampled 66 markets globally and measured their performance based on three equally weighted pillars, specifically economic dynamism, trade readiness and export diversity.
Nairobi is the only East African Community country that has shown extraordinary improvement in trade readiness while proving that investment in infrastructure and the business environment is paying dividends.
Tanzania, for now, is attracting direct foreign investment as well as export and gross domestic product growth.
Tanzania is the second-largest economy in the EAC and possess one of Africa’s most balanced democracies.
Whereas, Ethiopia is the fastest-growing country in Africa.
