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Private sector upbeat on increased economic growth as 2015 unravels

NEWS
By Nicholas Waitathu | January 2nd 2015
 

Business captains are optimistic that the country will register high economic growth rate this year, thanks to the Government accelerated infrastructure development agenda and implementation of reforms in the business sector.

They welcomed the Government's continued commitment to transforming the country's infrastructure, mainly roads and installation of electricity.

"This demonstrated guarantee will help reduce the cost of doing business and open up the country to quality investments," Kenya Private Sector Alliance (KEPSA) Chief Executive Officer Carol Kariuki said in a telephone interview.

She said the business sector is expected to register high growth as the Government continues implementing reforms as well as seeking partnership with the private sector.

According to Kenya National Bureau of Statistics (KNBS), Kenya's economy grew by 5.5 per cent in the third quarter of 2014 compared to a revised growth of 6.2 per cent in the same period in 2013.

The growth was mainly supported by strong expansions of activities in among others, construction, finance and insurance, information and communication and agriculture sectors. 

"We may have faced challenges in 2014 especially in terms of agreeing on business regulations and forging partnership with the Government. However, our expectation 2015 is a turnaround in the business sector and with it more jobs, wealth creation and increased production in all the economy sectors, " said Ms Kariuki.

"The year 2015 looks bright mainly because initiatives are already taking place to enhance the country's competitiveness in the global business arena, for example, the 5,000 plus megawatts, implementation of the Public Private Partnership  framework, and co-ordinating the county government to grow business and thus stimulate sound rural development. "

The country, she observed, is picking up well mainly due to positive reception from the foreign investors. The Government through implementation of  reforms in various economics sectors yearns to be among the best 20 countries in the world by 2020 in terms of ease of doing business index. Already an inter-ministerial committee under the leadership of Industrialisation and Enterprise Development Cabinet Secretary Adan Mohamed is working on the ease of doing business in the country.

The committee has been analysing bottlenecks, for instance sector laws that have been hindering growth of the business and recommending on the way forward.

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