With experts estimating that Small and Medium-sized Enterprises (SMEs) contribute up to 40 per cent of Kenya’s Gross Domestic Product, the need for big companies to access new markets and build global networks has escalated.
Companies are quickly learning that it is in leveraging financial solutions, capacity-building programs, and advisory services that they will thrive. Recent case is the Absa Bank Kenya flagging off of a delegation of its business club members to Estonia and Finland for a series of business engagements aimed at opening up new markets for investment and commerce.
The trip, organised in partnership with Golden Connections International, will see 36 SMEs travel to Estonia and Finland from February 15 to 25, 2025, and aims at connecting Kenyan businesses with their European counterparts, fostering valuable business relationships and potential collaborations.
It will feature participants from sectors including ICT, manufacturing, industry 4.0, healthcare, and fintech and also lead to trade enhancement as well as powerful collaborations as companies and entrepreneurs take advantage of potential benefits by forging key business connections within the Estonian and Finnish markets, creating a pathway for leveraging global opportunities.
“For businesses to truly thrive, they need more than just financing but also mentorship, resources, and the right partnerships to access new markets and build global networks that can drive their success,” Absa Bank Kenya, Business Banking Director, Elizabeth Wasunna, said.
According to data from Kenya National Bureau of Statistics, indicating that, overall, the country’s economy experienced a growth rate of 4 per cent in the third quarter of 2024, a decrease from the 6 per cent growth recorded in the same period in 2023.
As economy becomes more tough and growth slow, thanks to a widespread decline across various sectors of the economy, those that prioritise transformative tools are the ones that will compete on global stage. And, big banks like Absa Kenya have already shown the importance of international collaboration in driving business growth while expanding economic opportunities during his remarks on the initiative.
“This business trip follows a visit by the Estonian Head of State in 2021 in which there was a commitment that Kenya and Estonian become trade partners. Estonia, known for its vibrant digital economy and entrepreneurial ecosystem presents a wealth of opportunities for businesses looking to expand into new markets. For Kenyan businesses looking to get into the European market, Estonia is a key entry market to consider,” Joel Karubiu, the Country Representative, Export Adviser, Trade Development Agency, Enterprise Estonia, said.
Estonia is recognised as a global leader in digital innovation, e-governance, and business-friendly policies. This upcoming trip provides a unique platform for Kenyan SMEs to explore new investment opportunities, forge valuable connections, and gain insights into Estonia’s thriving tech ecosystem.
During the visit, the delegation will participate in business seminars and engage in business-to-business meetings tailored to various industry segments. They will have the chance to interact with members of the Estonian Chamber of Commerce and delve into Estonia’s e-governance system.
In addition, the experience will encompass cultural exchanges, culinary adventures in both countries, and a visit to Helsinki, enriching their understanding and fostering deeper connections.
Victor Adar
The writer is a Nairobi based tech and business journalist who founded the www.businessbarometer.co.ke news website. Order a hard copy of his book: Time to Pivot @ Ksh1,000 . The book's sub title is, "Secrets to Building Enterprises that Matter".
