Posted on :Friday , 28th July 2023
The manufacturing sector is expected to boost Kenya's Gross Domestic Product (GDP) by 15% in 2027, and 20% by 2030.
According to the finance ministry, the country's economic growth stands at 5.3per cent in 2022 and would be 6 per cent in 2023.
To accomplish this, The Ministry of Investments, Trade, and Industry is setting up suitable measures that will further enhance the accomplishment of the objective.
According to Nancy Muia, Director of Enterprise Development at the Ministry, they are now focusing on strategies to promote the subsectors in order to achieve the desired results.
At a recent conference aimed at sensitising and soliciting feedback from stakeholders on the proposed investment promotion and export levy. Muia explained that they have gathered the opinions of various stakeholders from various sub-sectors and guided them over the proposal and what it aims to achieve, as well as the potential advantages of the levy on imports of products that we have a competitive advantage in producing locally.
"This is also consistent with our various policies, such as our national industrialization policy, the government's economic agenda, which emphasises manufacturing, and the buy Kenya, build Kenya initiative," Muia added.
Muia went on to say that the fee will also benefit institutions that promote export and investment in the nation, as well as increase industrial competitiveness and discourage dumping of substandard products.