A new economic plan launched to spur growth and create jobs for Kenyans

NAIROBI, Kenya - The Kenya Private Sector Alliance (KEPSA) plans to channel investments equivalent to 32 percent of Kenya’s GDP each year, into key productive industries.

This new plan, which will be implemented in the next five years targets agribusiness, manufacturing, energy, financial services, and infrastructure development.

KEPSA- Chairperson Flora Mutahi, said that the initiative will spur business growth and create jobs.

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 mobilize private sector players to drive the realization of the government’s Economic Recovery Agenda 2023-2027.

Senate Speaker Amason Kingi lauded the private sector for its role in the realization 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.

The speaker said agriculture is at the core of President William Ruto’s economic turnaround strategy, 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.

“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 the growth of investments in the devolved units.

GAROWE ONLINE