Opinion: CBA-NIC merger good for economy
SEE ALSO :NIC shareholders approve mergerManufacturers are also under siege given the ever-increasing number of taxes and levies — including the latest one on housing — and require the government’s reassurance and assistance in securing fresh credit. Perhaps, President Uhuru Kenyatta may realise that while ministries may be good at implementing policies, they are yet to come up with innovative ways to lift the country’s economic growth to levels envisaged in the Vision 2030. Banks’ role The president may require to be persuaded too of the need to expand the country’s manufacturing base by borrowing a leaf from the industrialised countries such as Japan, South Korea and China. These countries erected walls to protect their local industries jointly financed by the public and the private sectors. Banks played a particularly key role in mobilising the funds required for investment. The most logical place to start would be to set up state-of-the-art factories to manufacture many of the low-technology goods that are currently imported from China and India. This strategy would greatly benefit the country even in instances where the raw materials would have to be imported. The other key area that needs improvement is that of exports. Unfortunately, this is an area where officialdom has perfected the art of increased motion without movement. [email protected]]
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