Kenya needs Sh1.7tr in investments a year to hit 10pc growth

Posted on : Monday , 24th October 2016

Kenya requires investments worth Sh1.7 trillion a year over the next 14 years to attain its target growth rates of over 10 per cent.

This is equivalent to 32 per cent of the current gross domestic product each year.

According to Kenya Private Sector Alliance (Kepsa) Director Nick Nesbitt, these funds should be channelled into key productive sectors, such as agribusiness and infrastructural development, for maximum impact.

Mr Nesbitt was speaking during the recently concluded Speaker’s Roundtable forum between Kepsa and Parliament to discuss ways to improve the country’s business environment.

Mr Nesbitt said the country could easily mobilise the required resources if a supportive business environment is upheld by the Government.

“We need a more competitive local economy. More importantly, we can mobilise the right amount of investments and increase our competitiveness if our politics does not balkanise this country and affect our businesses adversely,” he said.

“Yes, we could have all the right laws to achieve the most conducive of business environment, but rules are only half the story; effective implementation is the other half.”

Kepsa CEO Carole Kariuki added that the Speaker’s Roundtable was an important platform for interrogating legislation and ensuring it supports Kenya’s economic development and transformation.

“Last year was significant following the enactment of four key business reform Bills: the Special Economic Zones Act, Companies Act, Business Registration Service Act, and the Insolvency Act,” she said.

Ms Kariuki attributed this to a shared desire with legislators to secure and promote the country’s competitiveness.

“There was a healthy interaction and exchange with the National Assembly over a significant period of time,” she said.

Source : www.standardmedia.co.ke

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