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Growing Kenya Economy Hinges on Renewal of US Trade Pact
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 remains 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 outskirts 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 founder 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 analyst 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 attain 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.
词汇解析
remains
难度:5星基本词汇,属常用1000词
英汉解释
n.剩余物;遗迹;遗体
参考例句
用作名词 (n.)
After the wheat crop has been gathered, many farmers burn the remains and plough the ash into the soil, so as to enrich it.
小麦收割完成后,农夫们把剩余物烧掉,然后用犁把灰埋入地里,使土地更肥沃。
Choi's remains true today for cremation.
崔真实的遗体今天进行火葬。
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nephew
难度:3星常用词汇,属常用6000词
英汉解释
n.外甥;侄子
参考例句
用作名词 (n.)
My little nephew is very naughty.
我的外甥特别调皮。
To my surprise, I found my nephew dressed in a girl's skirt.
令我惊奇的是,我侄子穿着女孩的裙子。
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survey
难度:5星基本词汇,属常用1000词
英汉解释
n.问卷;测量;调查;纵览;视察
v.调查;审视;研究;测量;勘定;环视
参考例句
用作名词 (n.)
A recent survey of public opinions shows that most people are worried about the increasing crime.
一份最近的民意调查表明,大多数人对不断增长的犯罪率表示忧虑。
用作动词 (v.)
They surveyed the damage inflicted by the storm.
他们调查了暴风雨造成的损失。
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attain
难度:3星常用词汇,属常用6000词
英汉解释
v.实现;获得;达到
参考例句
用作动词 (v.)
The country attained its independence in 1972.
这个国家在1972年获得了独立。
They're sure to attain emancipation in the end.
他们最后一定能获得解放。
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security
难度:4星核心词汇,属常用3000词
英汉解释
n.安全;保证;证券;债券;抵押;防护措施
参考例句
用作名词 (n.)
I'll undertake for your security.
我将保证你的安全。
The value of a derivative is based on another security.
金融衍生工具的价值以另一种债券为基准。
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trade
难度:5星基本词汇,属常用1000词
英汉解释
n.贸易;交易;行业;同行;顾客;营业额;交易量
v.做生意;从事贸易;购物;营业;(在证券交易所)交易;交换
参考例句
用作名词 (n.)
China does a lot of trade with many countries.
中国和许多国家进行多方面贸易。
用作动词 (v.)
I refuse to trade with that company again.
我拒绝再度和那家公司做生意。
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battery
难度:4星核心词汇,属常用3000词
英汉解释
n.电池;一系列;炮兵连;排炮;[律]殴打
参考例句
用作名词 (n.)
My car battery has run down; it needs recharging.
我的汽车电池没电了,需要充电。
An enemy battery zeroed in on the crossroad.
敌人炮兵集中炮火于那个十字路口。
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