Kenya continued to dominate as one of the most preferred investment points for investment by Chief Executive Officers (CEOs) according to the East African CEO Survey for 2024.
The survey released by PWC on Thursday, February 29, was drawn from the 27th Annual Global Survey which polled 4,702 CEOs in 105 countries.
It was indicated that 231 interviews were conducted in which the CEOs were asked about their East African perspective.
“When asked about prospects for growth in external markets, Kenya (26 per cent) and China (21 per cent) continue to top the list as the most favourable countries for CEOs’ companies’ revenue growth prospects over the next 12 months,” the survey indicated.
CEOs in the lot who were drawn from East Africa have observed that other EAC countries are projected to experience future revenue growth.
This anticipation primarily stems from the envisioned intra-EAC trade that will see more countries capitalise on each other's strengths.
It is on this premise that the community aims to double intra-EAC trade from 20 per cent to 40 per cent over the next five years, potentially unlocking future revenue growth opportunities.
However, despite this optimistic outlook, Kenya and the EAC at large continue to grapple with challenges that impede exponential growth.
45 per cent of the respondents expressed regret over the lack of a business-friendly regulatory environment in the region.
This negatively affected businesses in terms of dealing with compliance requirements on operational flexibility.
Another challenge identified by the CEOs was limited financial resources which were identified by 35 per cent of respondents as a major hurdle.
“Additionally, concerns were raised about the lack of skills within the company’s workforce 29 per cent and competing operational priorities 26 per cent,” the survey indicated further.
Generally, the CEOs espoused their optimism about their local territories' Gross Domestic Product (GDP) growth prospects and their companies’ future revenue growth.
