Call to expand Kenya's export basket

NAIROBI: Industrialisation Cabinet Secretary Adan Mohamed is calling on key stakeholders to expand the commodities market to diversify Kenya’s export portfolio.

According to Mohamed, this will help increase the country’s production and help boost its global industrial competitiveness.

Speaking at the 7th Global Commodities Forum held in Nairobi, Mohamed said that the Government is creating an inclusive business environment for trade expansion by implementing new laws.

“Kenya, like a majority of developing countries, relies heavily on income generated from commodity exports. It is prudent to expand this market beyond agricultural commodity production and invest more on alternative industries like textile and apparel, leather, iron and ICT, as we take advantage of price booms in the global market and access to multiple trade opportunities,” he said.

This focus shift, he added, will result in immediate short term economic gains and long-term market stability for Kenya.

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Some of the new laws that have been introduced include the 2015 Company and Insolvency Act and the extension of The African Growth and Opportunity Act (Agoa) treaty to increase trade capacity. Also the Government has installed Special Economic Zones to encourage foreign direct investment and create new job opportunities.

The CS said Kenya is part of the global economy and must evaluate the global commodities landscape so as to withstand price fluctuations and search for better solutions.

“Kenya and other developing countries will gain first-hand experience on proven policies and procedures to leverage their resource-rich economies to generate wealth and create jobs for Kenyans,” added the CS.