KENYA: New Constitution Restores Foreign Investors' Confidence, "IQ4News"
09 May, 2012 - Birmingham, UK - Pedersen and Partners, a leading international executive search firm, operating in 47 countries, is the latest entrant into the market. The company, whose core business revolves around executive talent search, was founded in 2001 in Prague, and has witnessed significant growth over the past years.
In an exclusive interview with IQ4News, the firm’s Head of East Africa and Country Director, Kenya, Sheila Mwihia, said that their focus has always been to establish offices in places where talent requirement is high.
“Our focus has been to be in places where that talent requirement is high. We have chosen Nairobi because there is a greater potential for talent in the imagined market," said Mwihia.
After solid investment in South Africa and Nigeria, Pedersen and Partners have chosen Kenya for the location of their 50thoffice, with an intention for continuous growth across the East African market.
“We recognize Kenya as a hub in terms of activities. Kenya is strategically placed in East Africa in terms of connectivity. Administratively, it is much easier to work in Kenya and it has a great potential,” said Mwihia, adding that Kenya has the potential to tap into their talent pool.
The company works closely with several multinational organizations in Europe and Asia with links to Kenya, like Renaissance Capital, and a host of pharmaceutical companies in Nairobi.
Pedersen and Partners makes use of its qualified staff to recruit executives for companies, which Mwihia says have wider experience in respective areas, and is not limited to expatriates, but also work closely with people in the Diaspora who are willing to offer their skill for the development of their countries.
This, she says, gives them a competitive advantage.
“We realize that there are those in the Diaspora who are ready to bring back the knowledge gained for the development of their countries,” she said.
The company believes that the extensive geographical market they have covered over the past 11 years in 47 countries will enable them to tap into the wider executive talent pool for the emerging market, a case in point being the discovery of oil at Ngamia 1 well in Turkana.
Pedersen and Partners hopes to work with the emerging sectors in the country like oil, which it believes would need its expertise.
Improved governance occasioned by the advent of the new constitution has restored investor confidence in Kenya, even as it gears for an election.
In March, the Economist Intelligence Unit ranked Nairobi among the 120 most competitive cities for new capital in the world.
In the report, Nairobi beat Tokyo and Johannesburg in human capital ratings, allaying fears that it is losing to regional rivals like Rwanda and Uganda.
The East African Integration and the East African Community Common Market has created a single trading investment in the country, hence larger market for investor.
According to World Bank, Kenya offers the best and highest returns on foreign investment for any region in the world. The country’s best opportunities lies in tourism, which has surpassed agriculture as the chief foreign exchange earner, energy, real estate, manufacturing, transport and communications infrastructure.
According to Mwihia, the new constitution is a big plus for the country as it seeks to prosper economically.
“It has addressed issues relating to governance which boosts investor confidence in a country. Even though there are few challenges, it has offered the country an opportunity to move forward economically,” she said.
Written by Joab Apollo for iq4news.com
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