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{
"id": 1506815,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1506815/?format=api",
"text_counter": 319,
"type": "speech",
"speaker_name": "Nominated, ODM",
"speaker_title": "Hon. Irene Mayaka",
"speaker": null,
"content": "the continual development of the cities and localities where they are established, and encourage creativity and ingenuity, thus contributing to the overall economic growth of our country. Hon. Deputy Speaker, reports show that 92 per cent of Africa's investment in technology is won by just four countries: Nigeria, Egypt, South Africa and Kenya. This is because their sizable population and larger GDPs make them attractive destinations for investments. Hon. Deputy Speaker, for example, Kenya technology start-ups raised over US$570 million in funding in 2022. Indeed, Kenya is recognised as the silicon savanna by virtue of being a host to a number of reputable start-ups that have advanced to become regional and global signatures. For instance, the founding of M-Pesa has led the world in mobile money innovation. Other brands— including Cellulant, Twiga Foods, M-KOPA, Hisa and others— have since mushroomed as a result of that very innovative mobile money innovation. Despite all the successes, the country has no regulatory framework to guide and establish the operation of start-ups. This gap has led to a number of challenges, including weaknesses in identifying start- ups, lack of incentivising mechanism for their ventures and lack of recognition of their unique functions, needs and realities. The Executive has pronounced itself as committed once the Start- up Bill is enacted. They recognise that the African youth need the digital skills, access to technology and markets that are essential, if they are to thrive in an increasingly digital global economy. Those start-ups not only cover the technology space, but also encourage innovation on the scientific and entrepreneurship spaces as well. The Executive has further recognised that this is how Kenya, through her brilliant innovators, can unlock her remarkable capacity for innovation, enterprise and the world-class leadership. Yesterday, I spoke when you were engaging on the Public Procurement and Asset Disposal (Amendment) Bill, 2024. I mentioned that we allow our innovators from this country to be celebrated first by other people from different countries, before we even recognise them back at home. This is just one of the ways that will ensure that the innovators that are mushrooming from our country are recognised and given guidelines to set up the businesses that they innovate in a proper manner. It is useful to note that a number of countries have enacted their own legislative frameworks for start-ups. In a number of those countries, Start-up Acts include an amalgamation of policies that are intended to increase the incentives for young people to start new ventures and encourage investors and lenders to support their budding entrepreneurs. For example, the policies in Tunisia and Senegal are part of their broader government strategies to position their countries as innovative hubs, by leveraging the emerging technology scene to improve economic development. Now that we have done the necessary amendments in the Public Procurement and Asset Disposal Act, this will enable many young people, local firms and innovators to have opportunities. We said that procurements that is worth Ksh1 billion and below should be given to local firms, but not the foreign ones. This is a very timely Bill that will work hand-in-hand with the Public Procurement and Asset Disposal (Amendment) Bill. Tunisia's Start-up Act provides for, among other factors, state salaries for up to three founders per company during the first year of operation, generous tax breaks, start-up grants, fast-track of licences for registration documents and increased state support to cover patent licences. Senegal's policy includes three tax-free years for start-ups, training for youth and female entrepreneurs and a start-up registration platform which is easily accessible in a government website. We are also proposing tax holidays in Kenya for the same. You will recall that one of the pledges in the Azimio la Umoja-One Kenya Coalition Party Manifesto that the Right Hon. Raila Amolo Odinga advocated for was that the young people who have start-ups would be given tax holidays for them to catch up and integrate themselves into the business space."
}