Traditionally, SMEs have faced systemic challenges leading to a mortality rate of 75 percent within three years of inception due to difficulty of access to finance, access to market, lack of information, management skills, access to technology, infrastructure challenges and unsupportive policies, among others.

For instance, instead of creating new special economic zones, efforts must be made to recognise and support current ones that are struggling such as Kariobangi Light Industries, Kariokor leather market, Uhuru textile market and Jogoo-Ngong Road markets in Nairobi, to name a few.

More efforts must be made such as supply of basic utilities including water and electricity at a subsidised rate, product quality support by the Kenya Bureau of Standards, capacity building, availing of modern shared production equipment and capacity- building among others and only shifting these enterprises to other designated special economic zone over time as they expand.

The third area is financial sector development and reforms, with efforts such as operationalisation of the Nairobi international finanial centre, promoting the diversification of products and services within the capital markets space with key initiatives including the implementation of the derivatives market, commodities exchange market, strengthening of the capital markets infrastructure and institutions, promoting cross border trade and laying down a framework to enable State corporations and county governments raise funds through the capital markets.

Finally, on business regulatory reforms, government efforts have been on making Kenya a secure and attractive destination for investment critical for a strong and sustained high growth, poverty reduction and the attainment of the “Big Four” plan.

Wakanda News Details

Edward Earl Montgomery - Garland Journal

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