Kenya is the best place to do business

Why should Africa matter to investors?

That question is pressing when we remember the background: inaccurate perceptions of the continent linger.

We must remind ourselves that Africa is a place of diverse countries and peoples, which repays considered engagement.

Luckily, we have a superb opportunity to replace the older, darker view with a more accurate picture.

There is good news to report. Africa is the second-fastest growing region in the world.

These developments are supported by demographic and technological shifts: soon, there will be almost a billion young Africans of working age; and there are likely to be over 100 cities of at least a million people each.

I need not remind you that young people and cities often drive innovation and growth.

In keeping with the theme of innovation, it is safe to say that technology has loosened old constraints: there are one and a half times as many mobile-phone users in Africa as in the US.

That’s a stark reminder that we will happily take up new technology, and bend it to our ends.

We ought not overlook the importance of economic and political stability.

Our economic management is visibly better, and our political and economic risk ratings are now in line with the BRICs.

Indeed, Tunisia and Ghana outperform all BRICs for ease of doing business.

These reforms are tied to something less tangible, but no less important.

Right across the continent, there is a revival of African solidarity. It’s not happening evenly, or obviously.

But we have renewed our conviction that if we stand together, we can solve our problems, and earn the prosperity and freedom that we deserve.

For my part, I am pleased to have been closely involved in deepening the integration of our region.

We cannot forget the help of our friends and partners.

Those who made the leap have been rewarded for their foresight: our continent now has, according to the World Bank, the second-best rate of return in the world.

That said, US investment is lagging: in the last decade, FDI from the US was less than half that from Western Europe, and lower than Asia’s.

I know many of you want to change that picture. If you do, Kenya is the place to start. We are the gateway to Africa; its ninth-largest economy; and the heart of a community of 150 million people.

We aim to make the most of these advantages.

Proof is to be found in the substantial investments we are undertaking in infrastructure and energy: from the expansion of our port in Mombasa; to a new standard-gauge line running from Mombasa to Uganda; and a new port in Lamu, with ancillary infrastructure.

We remain particularly keen to form partnerships in ICT, agriculture, energy, financial services, manufacturing, the provision of health services and the film industry.

Already, we are seeing interest from American investors.

We’d like to encourage more.

Though we are the best-developed market for internet access in Africa, it is clear that we could do more, and we are happy to learn from the experience of others.

Equally, there is potential for partnerships in energy, especially since Kenya has perhaps half of Africa’s potential geothermal power.