The Club of Monégasque Entrepreneurs in Africa (CEMA), in collaboration with the Monaco Economic Board (MEB), organized a MEBinar dedicated to Kenya, one of the most dynamic economies in Africa. The event, presented by Guillaume Rose, Director of the MEB, and Frédéric Geerts, President of CEMA, was moderated by Patrick Lecoy, Secretary General of CEMA. It brought together Kenyan and Monegasque economic experts and decision-makers to highlight the investment and business development opportunities offered by the country.
A strategic and rapidly expanding market
Kenya, the leading economy in East Africa, plays a central role in the region thanks to its political and economic stability. With growth of 5.5% in 2023, it continues to attract investors, particularly thanks to its modern infrastructure, developed financial sector and access to regional markets such as Tanzania, Uganda, Rwanda and Ethiopia.
Mr. John Mwendwa, OGW, CEO of the Kenya Investment Authority (Keninvest), represented by Mr. Pius Rotich, General Manager, Investment Promotion and Business Development Services, emphasized the many advantages that the country offers to foreign investors, particularly through its attractive tax incentives. He also mentioned Kenya's key role in the green transition, with more than 90% of its electricity coming from renewable energy.
Promising sectors for Monegasque investors.
Several strategic sectors were highlighted during the MEBinaire:
?Financial services and fintechs: Nairobi is a rapidly expanding technology hub, particularly with the development of mobile payment solutions such as M-Pesa, which dominates the African market.
?Agribusiness and exports: Kenya is Africa's leading exporter of avocados and cut flowers and offers huge opportunities for agri-food processing and export to Europe.
?Renewable energy and ecological transition: The country is an African leader in green energy, with major solar, wind and geothermal projects.
?Tourism and hospitality: A leading destination for safaris and luxury vacations, Kenya is experiencing strong demand for hotel infrastructure and premium services.
Testimonials from committed experts and entrepreneurs
The MEBinaire was an opportunity to hear from key players in the Kenyan and Monegasque economies, who shared their experience and vision of the market:
Ms. Agnes Gitau, Executive Director UK and EU for the Eastern Africa Association, emphasized the importance of business networks for success in Kenya and East Africa.
Ms. Soumeya Loucif, Public and Governmental Affairs Manager Africa for BioMérieux, Ms President of the Kenya Committee of the French Foreign Trade Advisors, explained why her company chose Nairobi as a regional hub to manage its operations in East Africa.
Mr. Marvin Murphy, former Company Director of Mane Kenya (a global leader in the food flavors and fragrance sectors) and General Manager East Africa. He shared his experience of setting up in Kenya, highlighting the administrative challenges and strategic advantages of the local market.
Mr. Othmane Chaoui, President of the French Chamber of Commerce in Kenya and Director Foreign Investment at KEPSA which is the Kenya Private Sector Alliance; Managing Director of Imany Energy. He discussed opportunities for cooperation between Kenyan and Monegasque companies.
Strengthened cooperation between Monaco and Kenya
This MEBinar opened up new economic prospects between the Principality and Kenya, offering Monegasque entrepreneurs direct access to local market experts and concrete business opportunities.
With an attractive tax framework, a fast-growing economy and a key role in regional trade, Kenya is establishing itself as a strategic partner for Monegasque companies. The initiative of the CEMA and the MEB demonstrates the desire to strengthen economic relations between Monaco and English-speaking Africa, by exploring new growth markets and facilitating synergies between entrepreneurs.
An event rich in lessons, which marks an important stage in the development of exchanges between Monaco and East Africa.
Les vingt sociétés monégasques du CEMA et leurs dirigeants sont des acteurs de longue date et au quotidien de l’Afrique. Elles sont actives dans 45 pays du continent africain, lequel représente une part majeure, voire l’essentiel de leur activité.
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