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Growing Kenya Economy Hinges on Renewal1 of US Trade Pact 肯尼亚经济增长取决于更新的贸易协定
NAIROBI—
Kenya has emerged third among the top 20 fastest-growing economies in the world, according to a 2015 survey by Bloomberg. Kenya and Nigeria are the only African countries that made it on the list, which placed China first, followed by the Philippines. However unemployment in Kenya remains2 high and some industries face a shock unless the U.S. renews a key trade agreement.
The sound of this industrial sewing machine fills the air at the United Aryan Limited textiles factory on the outskirts3 of Nairobi as workers are busy trying to make production deadlines.
Established 13 years ago, the company employs approximately 10,000 people, earning an average income of $150 a month.
Most of its business is in exports. Each month, it sends goods worth $100 million to clients in the U.S.
United Aryan has benefited from the African Growth and Opportunity Act (AGOA), a U.S. trade program that provides duty-free import of certain products from sub-Saharan Africa.
But that all may change in September, when the program is set to expire.
Pankaj Bedi, the founder4 and chairman of United Aryan Limited, said his company would face serious consequences if AGOA is not renewed.
“It will be disaster. We all have been lobbying, pushing doing whatever we can. In fact government is very proactive, even the Kenyan government has been, you know, following through. If it is not there then we are not there. Simple. We’ll lose all the jobs; there will be social, security all kind of disaster happening,” said Bedi.
According to the Bloomberg survey of 57 countries, Kenya’s projected 6 percent growth rate this year would see it join China, India, Philippines and Indonesia as the only economies enjoying 5 percent growth or higher.
However, unemployment in Kenya remains high, and 40 percent of Kenyans live below the poverty line. Losing the trade agreement could make the situation worse.
Financial analyst5 Aly Khan Satchu said AGOA adds jobs and revenues to Kenya’s economy.
“There’s been an explosion in what you call the EPZ, Export Processing Zones, where the government has assisted companies who are predominantly exporting textiles. It’s been pretty major and has had a dynamic, positive economic impact in Kenya,” said Satchu.
In the past, Kenya has struggled to attain6 strong economic growth due to political unrest, periodic droughts and attacks blamed on terrorists. The business community believes fast growth can continue if AGOA continues as well.
1 renewal | |
adj.(契约)延期,续订,更新,复活,重来 | |
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2 remains | |
n.剩余物,残留物;遗体,遗迹 | |
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3 outskirts | |
n.郊外,郊区 | |
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4 Founder | |
n.创始者,缔造者 | |
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5 analyst | |
n.分析家,化验员;心理分析学家 | |
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6 attain | |
vt.达到,获得,完成 | |
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