- KEPSA, Kenya’s private sector lobby, tables economic manifesto to spur jobs and wealth creation.
- The proposal seeks to deepen social transformation, bridge inequalities and enhance governance.
- The lobby group is also keen on investing in cutting-edge innovation and competitive human capital capabilities.
Kenya’s private sector plans to channel investments equivalent to 32 percent of the GDP each year, into key productive industries. The plan, which will be implemented in the next five years targets agribusiness, manufacturing, energy, financial services and infrastructure development.
According to the Kenya Private Sector Alliance (KEPSA) Chairperson Flora Mutahi, the initiative will spur business growth and create jobs.
A globally-competitive country
Ms Mutahi spoke when KEPSA hosted the Senate Liaison Committee Roundtable in Mombasa, bringing together the business community and the Legislators. The Committee is Chaired by the Deputy Speaker of the Senate Kathuri Murungi.
The forum sought to establish a partnership between KEPSA and the Senate’s team on improving Kenya’s business environment. Kepsa is looking for ways to support Kenya’s transition into a production-driven, globally-competitive country and economy. It also wants to mobilise private sector players to drive the realization of the government’s Economic Recovery Agenda 2023-2027.
Senate Speaker Amason Kingi lauded private sector for their role in realisation of Kenya’s Vision 2030. The growth blueprint’s 4th Medium Term Plan (2023-2027) is themed “accelerating the socio-economic transformation to a more competitive, inclusive and resilient economy”, he said.
“As a country, we cannot talk of economic growth and prosperity, improved livelihoods and additional revenue streams to replenish our financial coffers, without mentioning in the same breath, the critical role of the private sector. The government’s plan recognizes the pivotal role of the private sector as a key driver of investment, technological advancement and employment creation,” Mr Kingi added.
Help unlock huge investments
The speaker said agriculture is at the core of President William Ruto’s economic turnaround startegy, the “Plan.” Also included in the “Plan” are strategies on SMEs, housing and settlement, healthcare and digital and creative economy, he noted.
Mr Murungi added that the Senate and the private sector can play critical roles in Kenya’s economic recovery. Their partnership can not only help unlock huge investments, but also maximize Kepsa’s contribution to sustainable development. The parties can also redefine productivity and create positive outcomes for the citizens of Kenya, he said.
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“We recognize that the growth of the private sector is intricately linked to the growth of the economy, ” the legislator said.
The roundtable provided a platform to set legislative agendas and for Senators to appreciate the nexus between legislation, and business. KEPSA’s Chair said the lobby had engaged Senate on several pieces of legislation to support businesses in the counties. However, a lot remains to be done to accelerate growth of investments in the devolved units.
SMEs and youth
During the forum, KEPSA CEO Carole Kariuki brought participants to speed on the progress on some critical legislative work. For instance, some projects KEPSA has been implementing targeting SMEs and youth have continue to drive inclusive growth.
Ms Kariuki said Senate remains crucial in driving entrepreneurship through policy and legislative work. These are critical elements in improving Kenya’s ease of doing business, competitiveness, inclusive growth and shared prosperity.
KEPSA, through its Sector Boards, has been engaging various Departmental Committees to drive revenue growth. This has been through proposals seeking dynamic, rapidly growing, thriving, profitable, employment and wealth-creating private sector.
“Our economic manifesto is centered on five broad thematic areas: Spurring jobs and inclusive wealth creation, deepening social transformation to bridge inequalities; enhancing governance and economic stability; investing in cutting-edge innovation and competitive human capital; and enabling business environment and global competitiveness respectively,” Ms Kariuki said.
Timely settlement of supplier bills
The themes are anchored on achieving Vision 2030, inspiring transformational growth and powering inclusive prosperity.
Through liaison with the Senate, KEPSA has achieved numerous outcomes among them the initiation of Prompt Payment System and Regulation. The deal ensures timely settlement of supplier bills for goods, works and various services delivered by entrepreneurs.
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KEPSA also supported the digitization of development approvals for Nairobi and Kiambu Counties. The deal has helped accelerate approvals of development projects, thus reducing the cost of projects. And plans are underway to rollout digital approval systems all counties.
“We similarly engaged with the County Executive Committee Members to distil cross-sectorial issues and interventions for county competitiveness, among others,” Mr Kariuki noted.
Key competitive drivers
Already, KEPSA has identified five key competitive drivers that will continue driving their engagement with the Senate. These include the cost of raw materials, logistics, finance, utilities (energy, water, telecoms), comparative wages and labour.
Now in its seventh iteration, the Senate-KEPSA forum has evolved into an avenue for advancing and promoting growth of private enterprises. It also offers a platform for voicing emergent concerns, challenges and opportunities which the sector continues to grapple with.
The roundtable also serves as a basis for inclusive consultations and dialogue by ensuring consensus is achieved around legislative initiatives. Further, the forum helps to share oversight guidelines that are necessary for a conducive and thriving business environment.
Local and foreign business associations
KEPSA is the apex organization of the private sector in Kenya bringing together local and foreign business associations. It also includes chambers of commerce, professional bodies, corporates from multinational companies, medium, SMEs, and start-ups from all sectors of the economy. The lobby enables them to speak with one voice when engaging government, development partners and other stakeholders on an array of issues.
It also supports businesses with opportunities for investment, training, networking, finance, mentorship and coaching, access to markets, and value chains.
