The manufacturing sector is anticipated to lead to the increase of Kenya’s Growth Domestic Product (GDP) by 15 per cent by the year 2027 and 20 percent by the year 2030. The country’s economic growth stands at 5.3per cent in 2022 and 6 per cent in 2023, according to the finance ministry. In order to achieve this, the Ministry of Investments, Trade and Industry is putting appropriate measures in place that will enhance the achievement of the goal. Director Enterprise Development in the Ministry Nancy Muia said with this in view, they were at the moment concentrating on ways to promote the sub sector to achieve the required results. She was speaking yesterday at Meru University of Science and Technology during a forum aimed at sensitizing and getting the views of the stakeholders on the proposed levy on investment promotion and export levy. ‘We have collected views of various stakeholders drawn from different sub-sectors, taken them through the proposal and what it aims to achieve and the benefits of the levy on the imports of the products that we have competitive advantage in producing locally,’ she explained. ‘This is also aligned to what is in our various policies including national industrialization policy, government economic agenda where manufacturing is the key and the buy Kenya, build Kenya initiative,’ said Muia. She added that on top of all other results, the ministry was also expecting that the entire process would lead to creation of more job opportunities for Kenyans. Muia added that the levy would also support institutions that support the export and investment in the country alongside other things including increasing competitiveness of the industry and discouraging dumping of substandard products. Muia allayed fears from the stakeholders on the levy adding that not every imported product will be levied apart from those that the country has a competitive advantage in producing. ‘The ministry has put proper measures for levying all the products and those that will not be under this levy are in other categories,’ said Muia.
Source: Kenya News Agency