Govt urges firms to boost local production and regional trade

Nairobi, Kenya – On October 13th, Investments, Trade and Industry Cabinet Secretary Lee Kinyanjui urged Kenyan businesses to boost local production and expand into regional markets as part of a strategy to generate jobs and lessen dependence on imports. Kinyanjui made the call during a KCB Group's PowerTalk forum held in Nairobi. He encouraged local banks to assist businesses in financing their expansion and accessing markets in East Africa and the wider continent.

Kenyans were urged to invest in manufacturing and value addition rather than relying on imported goods, Kinyanjui said. He challenged businesses to create employment opportunities within the country. KCB Group Chief Executive Officer Paul Russo urged businesses to maintain long-term investment plans, even amidst political changes, warning that election cycles could disrupt business activities.

According to KCB Group Treasurer Anthony Mulisa, East African economies had been growing at an average rate of between 5.5 and 6 percent, surpassing the 4.1 to 4.3 percent growth across sub-Saharan Africa. Mulisa identified infrastructure, agricultural processing, extractive industries, and regional connectivity as key areas capable of fueling additional growth.

However, participants cautioned that global conflicts, fluctuating energy prices, and climate-related disruptions could hike business expenses and impact investment.

The participants also called for more stable tax policies, simplified licensing procedures, and fewer overlapping levies to reduce the cost of doing business. KCB Bank Kenya Managing Director Annastacia Kimtai highlighted that the forum offered a platform to discuss the challenges businesses face and explore ways the bank could support their growth.

The event, themed Beyond Uncertainty: Unlocking Opportunities in an Evolving Global Economy, gathered government and business leaders to discuss investment, regional trade, and strategies to boost Kenya's competitiveness.