Kenya consolidate gains from global summit

President Obama’s visit to Kenya and the sixth Global Entrepreneurship Summit in Nairobi were a monumental success, thanks to the hard work and dedication of the inter-agency coordinating teams and support and patience of the Kenyan people.

The entrepreneurial spirit and world class innovation of our people was evident, positioning Nairobi and Kenya as a hotbed of business innovation and a leading destination for investment. The conference highlighted the increasing commercial and diplomatic clout that Kenya wields in the region.

With Kenya in the international spotlight, the presence of so many distinguished captains of industry and business moguls lent credence to reports of our growing reputation as an open and democratic society with business and investor-friendly policies. The massive investment by government and the private sector in the energy, transport and ICT sectors were evident. Our vision 2030 flagship projects, especially, the LAPPSET Corridor infrastructure project, was a recipient of intense investor interest with commitments in excess of Sh300 billion flowing into this giant multifaceted project which when complete will straddle over half the country’s landmass.

Our country’s profile as a world leading destination for tourism were enhanced by the ringing endorsement we received from President Obama. President Obama’s address to a distinguished gathering of Kenyans led by President Uhuru Kenyatta demonstrated his filial connections to our country, and in the glare of international media, President Obama’s clarion call to Kenya to take its pride of place rang strong. The acknowledgement by President Obama of his dual heritage, including his Kenyan roots, should validate those in our country who have ever doubted the social value of their own nationhood.

Rather than provide an opportunity for complacency and self-adulation at the success of the GES, Kenyans should do everything to maximize on this strong foundation that has been laid and seize the momentum from President’s Obama’s historic visit to realize our full economic potential. Kenya therefore needs to pursue a pragmatic set of strategic interventions at both national and county levels to meet our Vision 2030 goal of becoming a newly-industrialising, middle-income country providing high quality of life to all its citizens by 2030 in a clean and secure environment. Achieving this requires the delivery of tangible benefits for our people and our country.

The GES was a celebration of the Ingenuity, innovation and entrepreneurial spirit of the Kenyan people that contributed to Nairobi being named one of the top cities for innovation. As such, first, the pioneering ideas that were presented and profiled by Kenyans at GES must be transformed into sellable merchandise and business concepts and opportunities. The government and we as a ministry will do our part through our leadership in the East African Community to ensure that Kenya’s goods, services and our skilled labour force have access to markets in the region and around the world.

Second, our counties as envisioned in our Constitution are the new avenues through which widespread growth, development and economic progress will be experienced. Counties, with support of the national government, need to better understand where their current and future economic foundations lie. By mapping out their economic resource base — from agricultural products, mineral resources, tourism assets, manufacturing and other opportunity areas — they need to develop and implement economic development plans to maximize on these assets. Through strategic partnerships with foreign and local investors especially in agriculture, livestock and fisheries, our counties can begin to be associated with high quality and value-added produce that can find markets in the region and beyond. Individually or in clusters, counties can reduce production costs of their targeted products and target certain critical markets. Ensuring a coherent regime of taxes, licenses and other fees will secure the place of counties as attractive havens for investment instead of being economic geographies where the focus is on imposing runaway levies and taxes designed for short term propping up of county revenues at the cost of long term investment.

Third, with agriculture still a critical foundation for our economy, we need to secure a 21st century commodities trading environment through the establishment of a National Commodities Exchange. This is critical in ensuring the system allows farmers to realise benefits from their agriculture produce through access to markets nationally and regionally. With a highly developed and differentiated agriculture sector, many of the critical preconditions for the successful establishment of a commodity exchange are in place. The relatively large size of domestic commodity markets in the country ( in maize, wheat, rice, or beans), the well developed physical and communication infrastructure and supportive legal framework, currently being finalised, all provide the real likelihood that such an exchange can do well. The benefits that will accrue to our farmers through this initiative cannot be gainsaid. Kenya stands on the cusp of a major economic takeoff. This development, however, can only be actualised if the country seizes the moment presented by President Obama’s visit. It would be tragic and inexcusable if this occasion for elevation and social-economic transformation flounders in the shoals of weak implementation and follow through.

As a Ministry, we will play our part and provide catalytic opportunities for making real to Kenyans the promises of GES15. We are laying the foundation for this through the development and implementation of a National Trade Policy that will ensure that we will have a competitive domestic trade environment and are well positioned to take Kenya’s products and services to the world. In consultation with our stakeholders, the Kenya Investment Authority is developing a National Investment Policy that will ensure that we attract and support the foreign and domestic direct investment we need while ensuring that the foreign investment we receive is in line with our national interests.

Finally, the Export Promotion Council will finalise and implement a National Export Strategy that will see Kenya realise its full export potential,