Kenyan businesses to record major growth in 2023, KNCCI’s Ngatia projects
Chamber of Commerce and Industry president Richard Ngatia believes that the
opportunities provided by the government will allow the country to thrive
Ngatia cited a slew of initiatives launched by President William Ruto's administration to aid business growth in Kenya.
“Government initiatives, including the Hustler Fund, will enable small businesses to stay afloat and sustain livelihoods,” Ngatia said.
In the coming year, he anticipates more opportunities to expand key manufacturing, agriculture, healthcare, and ICT sectors.
“We foresee increased investor participation in Special Economic Zones and mega infrastructure projects through Public-Private Partnerships (PPPs)," he added.
Ngatia stated that KNCCI would seize the opportunities to create a favorable environment for entrepreneurs in the country.
"As the African Continental Free Trade Agreement takes off, we are working closely with the government, financial institutions, and development partners to support Micro, Small, and Medium Enterprises (MSME) financing, innovation, and digitization to scale up their capacity in local, regional, and global value chains," he said.
Ngatia predicted that the country will recover from the negative effects of the presidential elections and the ravenous Covid-19 pandemic.
“The last two years were characterized by economic hurdles following the Covid-19 pandemic,” Ngatia noted.
"Despite the recovery of sectors such as tourism and hospitality, we entered another period of economic uncertainty as Kenyans prepared for the 2022 General Election amid global geopolitical tensions that distorted international trade value chains.”
He noted that this resulted in an increase in overall living costs, including consumer energy prices.
Ngatia observed that the country's peaceful elections gave investors confidence to transact business in the country.
“We have witnessed multinationals such as Google and Moderna accelerate plans to build their first African facilities in Kenya.”
Ngatia was recently appointed to an international position by the International Chamber of Commerce.
On December 22, President William Ruto announced the good news, stating that the appointment was beneficial to the country.
“We congratulate the Kenya National Chamber of Commerce and Industry and its Chairman, Richard Ngatia for the appointment and co-option,” he stated.
“This is instrumental as we prepare to host the Kenya International Investment Conference in March 2023,” he added.
The appointment came after Ngatia traveled to Washington with Ruto for a series of meetings on the sidelines of the US Africa Leaders Summit.
He accompanied the president along with Trade Cabinet Secretary Moses Kuria, Foreign Affairs Cabinet Secretary Alfred Mutua, and Treasury Cabinet Secretary Njuguna Ndung'u.
Ngatia led the private sector delegates at the summit, where President Ruto secured several deals for the country.
The immediate former chair of The Intergovernmental Authority on Development (IGAD) business forum also serves as the chairman of the International Committee of the Great Lakes Region and as a Special Business Advisor to the Council of Governors.