KISII: Small and Medium Enterprises (SMEs) will be the greatest beneficiaries of the Kisii Entrepreneurship Summit if stakeholders fulfill their pledges.
Industrialisation Cabinet Secretary Adan Mohamed said the Government would make a decisive move that would force commercial banks to review their lending rates, especially to SMEs, as well as facilitate lowering of the cost of doing business.
He was addressing more than 2,000 delegates who attended the summit that ended on Saturday, which has been termed as one of the most successful business fares to be conducted in the country.
Mr Mohamed said the Government had also allocated Sh200 billion for the market access fund, money he said would enable local entrepreneurs readily access both local and international markets.
Another benefit to local traders would be a deal between the Kenyan Government and the European Union which will see the country's goods traded in the economic bloc duty free.
However, the CS challenged local investors to increase their market base beyond the Kenyan market and instead cast their interests wider around the globe where he noted numerous opportunities needed to be explored.
"While we are trying to make things better for every other growing trader, they should shift their focus from the 40 million Kenyan buyers and instead look beyond one billion global populations that should be reached with the various products," said Mohamed.
Germany Ambassador Jutta Frasch, Kenya Commercial Bank Chief Executive Officer Joshua Oigara, Bidco Oil Company CEO Vimal Shah, businessman Chris Kirubi, Kenya Private Sector Alliance Chairperson Caroline Kariuki and Central Bank Chairman Mohamed Nyaoga were some of the chief guests who promised to facilitate growth of SMEs in the country and region.
During the summit, reviewing of curriculum to make it suitable in preparing young people for entry into business entrepreneurship was described as a major strategy towards empowering youth who form the majority of investors in the economic bracket.
Large enterprises with established economic bases were also urged to support the growth of SMEs through financial services and also by providing favourable grounds for their growth.
Kisii Governor James Ongwae, who hosted the conference, said the county was witnessing tremendous growth in the sub-sector and lauded youths venturing into various innovative initiatives and needed empowerment.
