Kibaki urges firms to embrace innovation

By Fredrick Obura

East African companies should increase investment on research and development in order to enjoy the benefits of East Africa common market and improve their bargaining power in the global market.

Meeting in Nanyuki over the weekend at the East Africa Business Summit, leaders called on companies to embrace technology, science and innovation so as to compete effectively in the regional and global market.

"Innovation is the fastest way through which East Africa can fasttrack its regional integration. It will substantially complement efforts to improve the quality of life of the combined population," said President Mwai Kibaki in a speech read on his behalf by Industrialisation Assistant Minister, Nderitu Mureithi.

Unique talents

"Companies must now look for, and retain unique talents keen on innovation," he said.

The president said the region was committed to embracing innovation, and has crafted EAC Anti-counterfeit Goods Bill to safeguard intellectual property.

"Initiatives are ongoing to expand the export market access for EAC products. The private sector should therefore embrace technologies for the production of innovative goods and services that will drive value added, diversified, export-led and sustainable economy," he said.

The fifth edition of East Africa Business Summit brought together top chief executive officers from East Africa Member states.

Michael Macharia, the Group CEO Seven Seas Technology, asked the East African governments to source products from local companies, strengthen intellectual property laws, and offer tax incentives to spur innovation in the region.

"Our governments must now show seriousness in attracting investment from the private sector. Laws must now be altered to create 40 per cent share in government tenders to local companies," he said.

"We are not happy with the present set up where foreign companies are given preference over local companies. We cannot do business this way," he said.