By PPS
Nairobi, Kenya: President Uhuru Kenyatta has said his Government is committed to the growth of the private sector
He emphasized the need to create conducive environment for private sector development and said the Government is improving policy for the sector which is central to the Jubilee manifesto.
“Our manifesto and Kenya’s Vision 2030 identifies a number of elaborate policy interventions aimed at enabling, guaranteeing and funding the economy,” The Head of State said.
The President was speaking today when he addressed the African Trade Insurance (ATI) Agency’s 13th Annual General Meeting at a Nairobi hotel.
He acknowledged ATI’s support during Kenya’s election, saying the agency provided financial security to key sectors of the economy and ensured that several businesses continued to operate.
The President also noted that Kenya is a major beneficiary of ATI’s activities with cumulative investments of more than 2 billion US dollars in diverse sectors including road, port infrastructure, agribusiness, power sector and the banking sector.
“ATI has thus made significant contribution to Kenya’s economy and I believe this is true of all ATI’s member countries,” the President said.
Apart from increased trade and investment activities in African economies, President Uhuru said ATI has also helped to increase capacity and innovation in the insurance and financial sectors, and contributed to the growth and competitiveness of the continent’s exports.
The Head of State, however, said there was still need to work towards reducing the continent’s vulnerability to external shocks, especially volatility in the Euro zone - a region which provides a large market for many African exports including Kenya.
Said the President: “The European Union for instance accounts for 26 percent of Kenya’s total exports.”
President Kenyatta also urged African countries to remove structural impediments that stand in the way of businesses as well as lower the administrative barriers that impede trade and investments.
Despite the difficult global conditions, the President noted, Africa has maintained its economic resilience and its output is now growing at a faster pace than any other region in the world today.
He pointed out that regional output is set to rise in 2013 with overall economic growth projected to increase at an average of 5.6 per cent.
Noting that Kenyans have just come out of a complex election process in which they managed to navigate their way without major disruptions to the economy, the President said that is solid evidence that the continent is coming of age and the democratic culture is taking root.
Speaking during the occasion, the ATI Chief Executive Mr. George Otieno said his agency is diversifying its investment portfolio in order to ensure that its services remain competitive not only among the member
states but the continent.
