The government aims to double foreign direct investment (FDI) to Sh1.6 billion this year, while adding 30 more county clusters and industrial parks to increase value addition to boost exports. Looking for construction.
Trade and Industrialization Minister Rebecca Miano said the establishment of aggregation hubs across the country will increase the added value of companies across the value chain and improve the productivity of the country's manufacturing industry.
The government initially aims to construct 18 County Aggregated Industrial Parks (CAIPs), and construction has already begun. This addition means that approximately 48 industrial parks will be built under this program.
“This growth strategy includes the creation of 30 more county agglomeration parks and industrial parks, thereby facilitating the activation of priority value chains across the country,” Miano said.
CAIP is a special district established by the government with the goal of implementing projects in all 47 districts by fiscal year 2025/26.
strategic goals
The facility will provide a value-added center and storage facility for agricultural products.
The ministry aims to increase the contribution of Kenya's manufacturing industry to GDP from 7.6% to 10% by 2024, with a long-term goal of reaching 20% by 2030.
Mr. Miano was speaking at a meeting that brought together heads of several state-owned enterprises, institutions and departments within the ministry, setting out the ministry's strategic goals for this year and the coming years.
“I would like to reiterate our Department’s commitment to supporting a bottom-up economic transformation agenda and what we will present at the Cabinet Dinner. “We will increase exports to GDP by 10% of the current level by 2027. We also intend to double FDI from the current $800 million to $1.6 billion by the end of the year,” Miano said.
economic transformation
Kenya Bureau of Standards (Kebs) Managing Director Esther Ngari said the agency continues to certify the products of small and medium enterprises in the country, thereby supporting their operations.
“Operational efficiency is not progressing. Certified products for Micro, Small and Medium Enterprises (MSMEs) achieved a staggering 114 percent to drive growth, while large enterprises were certified to reflect their operational efficiency successes.” products increased by 59.2 percent,” Ngari said.
At the same time, Chief Industrialization Minister Juma Mukwana said the ministry plans to cut off Treasury support to as many government agencies as possible by forcing them to raise funds from operations.
“Why should you give us money when you are buying raw materials, making products and selling them on the market?” PS posed.
The ministry also launched a strategy to foster a favorable environment for business expansion, technological advancement and the introduction of competitive manufacturing methods to usher in comprehensive economic transformation.
