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Thursday, December 8, 2022

Ireland Sets Its Eyes On Nakuru County

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Ireland Ambassador to Kenya H.E Fionnuala Quinlan paid a courtesy call to the county chief. She handed a report to the county government of Nakuru by the Business Ireland Kenya (BIK).

The report indicates that Nakuru is ideal for business due to the unlimited opportunities in the county.

BIK Chairman Darren Gilles said they chose Nakuru due to :

  • Its ranking as the second county with the highest GDP in the country
  • Central location and good infrastructure
  • Best tax regime
  • Good governance
  • Available land and ready workforce.

Irish Business Community Interests

  • Dairy processing
  • Flower farming
  • Potato farming
  • Construction and concrete production
  • Pyrethrum processing and formulation
  • Canola farming
  • Leather processing
  • Real estate, health
  • ICT, security and financial services.

Ireland’s Economy

Ireland is one of the fastest growing economies in Europe. The 2019 forecast puts Ireland in the second fastest growing economy in the euro area. Closely, behind Malta (5.3 per cent) and well ahead of the flagging euro area overall (1.2 per cent).

The average measure of economic development is to compare Gross Domestic Product. That is the whole value of services and goods generated in a country, from one point in time to similar point in time 1 year earlier.

By far, it is the fastest development rate in Europe. It is even more remarkable given this country required a €67 billion bailout just 2 years ago.

So the main question is, why did this country grow very fast last year? Especially when the UK managed just 2.2 per cent, a figure that was even better than other developed countries.

Main Reasons

Big Leap in Irish Exports: The country’s exports augmented by virtually 20 percent in previous years to more than €111 billion last year. Pharmaceuticals, medical equipment, chemicals, and cosmetics were the most prevalent products leaving country’s shores.

People in Ireland are purchasing more stuffs:  Shoppers or consumers spending in Ireland was in rude state in 2015, at €22,6 billion a 3.5%  increase from 2014. Shoppers directly ordered goods and services worth more than € 2.4 billion online into their homes.

Many people find it beneficial to invest in Ireland: capital investments rose to 28 percent compared to 2014. 2015 venture capital according to Inter Trade Ireland’s, number of venture capital resources operating in this nation had twice or doubled, while the average size of resources had increased from 20 million to 100 million.

The government of Ireland minimized their spending: The government expenditure of Ireland last year reduced by 7 percent compared to year 2014, with the majority going on health, education and welfare of the people.

Win – Win Situation

Nakuru has welcomed Ireland business community to invest in the county for the benefit of Nakuru residents.

The county administration has pledged to work with business associations to establish sustainable trade ties with Ireland, especially after Brexit.

Europe has a huge market for horticulture crops. Brexit, means that there is need to establish new routes for the produce.

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