Kenya’s should invest more in its key productive sectors, such as agribusiness and infrastructural development in order to reach a growth rate of more than 10 over the next 14 years.
And it will also require Shs1.7 billion worth of investments every year to reach that target, according to Kenya Private Sector Alliance (Kepsa) Director Nick Nesbitt who believes that the country can easily mobilize that kind of investments if it focuses on developing a more competitive economy.
“We need a more competitive local economy. More importantly, we can mobilize the right amount of investments and increase our competitiveness if our politics does not balkanize this country and affect our businesses adversely,” he told the Speaker’s Roundtable forum between Kepsa and Parliament to discuss ways to improve the country’s business environment.
“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.”
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.
With devolution which created 47 county governments, Kenya’s have been expecting the economy to diversify and become more competitive as counties focus on their areas of greatest economic advantage and aggressively market their investment opportunities.
This has however not happened as politics and corruption have taken centre stage. So far, no fewer than 20 governors have had to deal with impeachment attempts.