The Kenya Private Sector Alliance (KEPSA) and the Cabinet Committee on Implementation of Government Projects have two weeks to present to the President an action plan on how to stimulate SME growth in the country.
The decision was arrived at on Monday during an engagement between captains of private sector industries and the Head of Public Service Joseph Kinyua.
This is just but the beginning of a series of meetings to promote the growth of SMEs in the country.
A recent National Economic Survey report by the Central Bank of Kenya shows that SMEs constitute 98% of all businesses in Kenya.
The report also shows that SMEs create 30% of the jobs annually besides contributing 3% of the GDP.
Despite the significant role SME’s plays in holding up the economy, they still grapple with a myriad of challenges that threaten their existence.
Cognizant of the challenges the government now seems bent on forging solutions.
The business community in the country has continuously complained of an unconducive regulatory environment that is strangling businesses, an issue that the Cabinet Secretary, Ministry of Interior & Coordination of National Government Dr. Fred Matiang’i says is being addressed.
The KEPSA CEO Nicholas Nesbitt says the private sector has a billion-dollar opportunity. The alliance has however challenged the government to buy Kenya more to build Kenya.
In line with all these realities within the SME sector, the captains of Private Sector Industries, Cabinet Committee on Implementation of Government Projects now plans to present an action plan to the president on the way forward.
The plan seeks to unlock liquidity while empowering SMEs in the country.
