Ruto calls on Kenyan firms to leverage trade frameworks to spur growth
President William Ruto has urged Kenyan manufacturers to take advantage of the numerous regional and continental trade arrangements to which the country subscribes in order to broaden their market scope and in the process scale incomes and support local producers.
Speaking during the opening of Twiga Foods in Tatu City, the President pointed up multiple trade frameworks that local manufacturing business could tap to establish regional and continent-wide operations such as the East Africa Community (EAC) Common Market, Africa Continental Free Trade Area and the tripartite agreement involving EAC, the Common Market for Eastern and Southern Africa (COMESA), and the Southern African Development Community (SADC).
“The infrastructure to facilitate trade in our region is in place, it is now for investors to take advantage of the [existing trade frameworks] to ensure that you grow your enterprises, and you support our farmers to be able to access better incomes as we ensure that [Africa] is prosperous,” he said.
Dr Ruto also reaffirmed his government’s support for the country’s food security through supporting companies in the food value chain—such as Twiga Foods— through availing interventions such as an adequate network of storage facilities, enhancing commodity supply systems with better warehouse receipt systems, and the establishment of Kenya commodity exchange.
Dr Ruto also pledged Kes300 million in financial support to Twiga Foods suppliers to help them better their earnings by providing them with affordable credit.
“Let me confirm to Peter and Twiga that the Kes300 million that you lend to your 140 suppliers and suppliers across Kenya, we are going to make that money available to [them] at lower interest rates and hopefully increase their earnings,” said the President.