Kenya pledges to support private sector to grow investments, exports

Source: Xinhua| 2019-04-04 00:37:25|Editor: Mu Xuequan
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NAIROBI, April 3 (Xinhua) -- Kenya on Wednesday committed to supporting the private sector to grow investments and exports as well as collaborating with local manufacturers to increase competitiveness and value addition.

Peter Munya, cabinet secretary in the ministry of trade, industry and cooperatives said the government is partnering with financial institutions towards creating a framework that will ensure lending to small and medium enterprises (SMEs).

"The government is committed to addressing the challenges hampering the growth of the (private) sector through policy interventions such as Buy Kenya Build Kenya and Local Content Policies," Munya said when he opened the biggest shopping festival in Nairobi.

"This festival provides opportunities to discuss thematic areas including financing, export development and promotion and the vital role of the county governments in promoting the sector," he added.

The four-day festival organized by the ministry of trade and Association of Manufacturers (KAM) brought together more than 150 local manufacturers from all sectors across the 47 counties.

The third Kenya Manufacturing Summit and Expo 2019, dubbed Changamka Shopping Festival, is an opportunity for industry, stakeholders and the public to celebrate and deliberate on transforming the nation through industrialization.

It is also a platform to showcase the diversity of locally manufactured innovations and goods.

Sachen Gudka, KAM chairman noted that in order to achieve the development plan, stakeholders must be deliberate in their drive to achieve the industrialization agenda.

Gudka said manufacturing-led growth is achievable in Kenya, as the sector diversifies through transformative technologies to increase productivity and establish new frontiers for new jobs.

"Our ambition to grow the sector's contribution to 15 percent of GDP translates to a change in strategy as a country," he said.

"The policymakers must hear our voices and act to strengthen manufacturing and our nation's future, to give us the tools we need to compete in the 21st-century economy and to make our tomorrow better than our today," Gudka added.

Linus Gitahi, chairman of Brand Kenya Board noted that the Festival is an opportunity for Kenyans to take pride in locally made products.

"This Festival is not just about producing locally, but also about a country that has a solid base," Gitahi said.