The Kenyan Government has unveiled its National Export Development and Promotion strategy to grow exports by 20% come 2022.
Kenya has been looking to shift its economy from the long standing import substitution model to an export-based one to boost economic growth. Kenyan SMEs are to benefit from this change by signing up for theExport Business Accelerator program.
The Government’s National Export Development and Promotion Strategy, unveiled this past week, has set the aim of growing exports by 20% in five years. The project will focus on the sectors of agriculture, livestock and livestock products, manufacturing, handcrafts plus textiles and apparel.
Export Promotion Council chief executive, Peter Biwott, acknowledged the need of getting counties involved in the process. “More economic zones should be created across counties where investors set up shop targeting regional and foreign markets.
“This will not only create jobs but will nurture technology transfer, especially for large scale industrial operations in agro-processing sectors.”
Value addition continues to be fronted for Kenyan entrepreneurs who eye entry into the export business. Despite its relatively diversified economy, Kenya still largely depends on export of primary commodities. These fetch low prices.
The new export strategy will see collaboration of the public and the private sectors in promotion of business links through trade exhibitions in the identified target markets. The 12 markets expected to absorb increased exports, from Kenya, are Uganda, Tanzania, DRC, Rwanda, South Sudan, Egypt, Germany, Belgium, Pakistan, the Netherlands, United Kingdom and the United States of America.
Kenya will also follow up on its promise to improve trade balance with India and China. The two countries have become Kenya’s competitors for the regional market.