Mudavadi: Kenya is transforming into middle-income economy

Prime Cabinet Secretary Musalia Mudavadi has expressed confidence that Kenya’s economy is on an upward trajectory.

In a statement posted on X on Tuesday, December 3, 2024, Mudavadi pointed out economic indicators that show there is positive growth in the sector.

“Kenya proudly boasts the most open and dynamic financial sector in the region and on the continent. Investors can be confident in their ability to freely repatriate their hard-earned returns without worry.

“I highlighted Kenya’s position as an economic powerhouse, with Kenyan financial institutions operating over 550 branches across the region. This showcases our role as a key economic hub on the continent.

“Kenya remains steadfast in its commitment to being the gateway to East Africa and the broader African market. Guided by our Vision 2030, we are transforming into a newly industrializing, middle-income economy,” Mudavadi said while speaking at the 5th German-African Business Summit (GABS 2024).

Development goals

According to the acting Interior CS, Kenya can attain sustainable development goals if it works closely with other partners.

“We are also working hand-in-hand with global partners to achieve the United Nations Sustainable Development Goals (SDGs), particularly in clean energy, climate action, and inclusive growth. Collaborations with German enterprises are critical to realizing these shared ambitions,” he added.

Particularly, Mudavadi lauded the close cooperation Kenya has had with Germany over the years.

“Our partnership with Germany transcends business, encompassing cooperation in areas like labor migration, climate resilience, education, and healthcare. Together, we are tackling some of the world’s most pressing challenges.

“The German-African Business Summit serves as a vital platform to deepen our collaboration, unlock new opportunities, and foster success for our shared future,” he concluded.