Kenya has been named among 13 countries that will dominate global trade by the year 2030.
In the Future of Trade 2030 report released by Standard Chartered, a financial institution based in the United Kingdom, it was indicated that Kenya was one of the countries that would be the major drivers in the global export business in the next years.
Among the factors that put Kenya on the map, was the strides the country made in the manufacturing industry in regard to the production of food, minerals, and metals.
The report indicated that the government's policies in the manufacturing sector had attracted companies to invest in the country. Manufacturing has been one of the pillars of President Uhuru Kenyatta's Big Four agenda.
According to the report, 10 per cent of global companies have either invested in the manufacturing sector in the country or intend to start their investment in the country by 2030.
"Future of trade identifies five trends that are shaping globalisation, including a wider adoption of sustainable and fair-trade practices; a push for more inclusive trade, with more people participating; greater risk diversification; more digitisation; and an accelerated shift towards high-growth emerging markets.
"Kenya’s Vision 2030 plan has targeted the manufacturing sector as one of the key drivers to support economic growth, employment creation, and export expansion. It is focusing on developing the required infrastructure and investing in projects for railway, road, and port development," read the report.
The report estimated that Kenya would earn over Ksh1 trillion from exports by 2030 with the expectation of a yearly increase of 7.6 per cent per year.
Additionally, the report identified Pakistan, Uganda and the Unites States as Kenya's main trade partners by 2030.
"Uganda and the USA will continue to be the leading export corridors for Kenya, accounting for 11 per cent and 9 per cent of total exports in 2030, respectively.
"Pakistan is a fast-growing export corridor with 10.7 per cent average growth per year from 2020 to 2030," read the report in part.
Other countries that made it to the list include Nigeria, China, Vietnam, South Korea, Singapore, Saudi Arabia, United Arab Emirates (UAE), Malaysia, India, Hong Kong, Bangladesh and India.
