The African continent boasts a number of thriving, up-and-coming commercial centers that are creating a buzz in both domestic and international business sectors. Some of these markets are based in East Africa and with their fast-improving business infrastructures and untapped potential, these cities are poised for expansion and already attracting startups and investors.
Here are the top 5 cities representing the economic dynamism of the Eastern Africa, well appreciated by skilled candidates and investors
As one of the most sophisticated and developed urban economies in East Africa, Nairobi is rich in natural assets and human resources and is strategically located to facilitate local and international business.
Nairobi’s information and technology sector is set to lead the way in terms of economic growth followed closely by energy, construction, and agribusiness sectors. New businesses and startups involved with any of these industries would do well to closely consider all that Nairobi has to offer.
Rwanda’s renewed political stability and a government which is firmly behind the private sector have made Kigali one of the most talked-about places to do business in East Africa.
The capital city has been dubbed the easiest place for doing business in East Africa because of some revolutionary reforms regarding tax breaks, credit approval, and construction deals.
Kigali is a hub for mobile banking and the finance sector, in particular microfinancing. While tourism has steadily increased in the past decade and helped to fuel the economy, construction in Kigali has also increased. Between 2002 and 2009, the nation’s GDP grew by more than 250 percent.
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Addis Ababa, Ethiopia
The capital and largest city in Ethiopia, Addis Ababa boasts a diverse economy, and this is easily one of its greatest strengths and the reason for its recent influx of investors and startups.
CNN stated in a report that Ethiopia represented the “optimism” of the continent and its growing prosperity is a sign of good things to come.
With a 10.8 percent economic growth rate, good things have started happening in Addis Ababa.
Moreover, rising incomes, abundant human resources, and an excellent transportation network will all play integral roles in the city’s projected business growth.
Often referred to as the “pearl of Africa,” the Ugandan capital city of Kampala has experienced a steady rise in GDP – to the tune of 6.3 percent – since 2012. With its large population (two million) and an inexpensive labor base, Kampala is proving attractive to many businesses hoping to lay down roots in East Africa.
Dar es Salaam, Tanzania
Dar es Salaam holds massive potential and a few good reasons to register on the continental business radar. Tanzania’s capital city has some compelling developing sectors, like telecoms and ICT, real estate, energy, and agribusiness.
Tanzania’s economy has already begun to enjoy more government support in the form of incentives for domestic and international investors. Its stable political environment makes it extremely enticing for businesses looking to establish themselves in the region. Finally, with plenty of human resources and natural resources just waiting to be tapped, the city is poised for growth in ways that are appealing to business.