Investors say SMEs will revive the Kenyan economy

Businessman Dr Manu Chandaria give a talk to students and innovators at USIU University in Nairobi on June 22, 2023[Boniface Okendo, Standard]

As the country is pushing for Small and medium-size enterprises (SMEs), giants in the sector are confident that it will solve the economic crisis in the country.

These innovative minds in the industry say that SMEs are the game changer and the country should embrace it to better the economy.

"SME is the base of Kenya's economy and should be emulated to save the stringent economic situation," said Dr Manu Chandaria a renowned businessman, industrialist and entrepreneur who also serves as the Chairman and CEO of Comcraft Group.

The billionaire said that the government should focus more on helping young investors in the sector find ways on how to make SMEs work.

Manu, who was challenging the young and passionate investors who double to be graduates of Design Thinking Program and alumni of United States International University Africa(USIU) said that SMEs form a greater percentage of the government's gross domestic product (GDP).

"The small businesses, plants and manufacturing industries contribute largely to the country's socio-economic value," said Manu.

The investor urged the government and private companies to consider SMEs as part of their policies while formulating its operations.

Further, Manu noted the laxity by the government in establishing SMEs saying more job opportunities will be unleashed if they develop the sector.

"For a long time, SMEs have been neglected but when you look at it is what holds Kenya supporting a greater percentage of employment opportunities," Said Chandaria.

He insisted that mutual understanding between the players will lead to a success in the plan.

"I will suggest an understanding between the product, product manufacturers and the corporate to achieve the ideology of growth," Chandaria added.

Chandaria said the government is on the right track following the footsteps of Germany and India who have achieved their economic success through expanding SMEs.

"When India opted to expand their economy, they decided to build their SMEs structures and give to their people at a very substantial rate, "added Chandaria.

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