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"id": 218001,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/218001/?format=api",
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"type": "speech",
"speaker_name": "Mr. Kimunya",
"speaker_title": "The Minister for Finance",
"speaker": {
"id": 174,
"legal_name": "Amos Muhinga Kimunya",
"slug": "amos-kimunya"
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"content": "I am confident that with the allocation of these parcels of land, those affected will improve their living standards, increase food safety and be able to share in the growth of our country. Mr. Speaker, Sir, against that background, it becomes very clear that the largest beneficiaries of this first term of the Kibaki Administration are the farmers, through increased production, higher quality produce and sustained high prices. We are committed to improve further on this in the years to come. Mr. Speaker, Sir, turning to the economic services sector strategy, I will start with manufacturing. Arising from the various reforms we have implemented and supported by the hard work and resilience of private sector players, growth in the manufacturing sector has accelerated from 0 per cent in 2002 to 6.9 per cent in 2006. The ongoing efforts of deepening of regional integration under both the East African Community (EAC) and the Common Markets for Eastern and Southern Africa (COMESA) have also contributed to boosting the demands for Kenya's manufactured products in those markets. Continued expansion in COMESA as well as the forthcoming Economic Partnership Agreements (EPAs) means that Kenya will continue to enhance the efficiency of its manufacturing sector in order to remain competitive. Mr. Speaker, Sir, to accelerate and diversify the recent growth momentum of the sector, we must effectively facilitate our industry players to overcome remaining challenges. These include:- (i) continued high cost of doing business (ii) low productivity and slow adoption of new technologies; and, (iii) inadequate start up capital for Small and Medium Enterprises (SMEs). On its part, the Government will:- (i) maintain a stable macroeconomic environment; (ii) deepen reforms to enhance private sector competitiveness by reducing the cost of doing business; and, (iii) continue to provide the one-stop investment shop to encourage domestic and foreign investments and attract modern technology in our country. In the coming financial year, we will also be studying the feasibility of establishing special economic clusters such as agro-industries zones to help stimulate the manufacturing sector in line with initiatives under Vision 2030. Mr. Speaker, Sir, counterfeits and trade in contraband products poses a threat to the future of manufacturing and the trade sectors in our country. To safeguard the sector against unfair competition from these cheap and low quality counterfeit substitute goods, the Government will, in 2007/2008, introduce stringent administrative as well as legislative measures against trading in counterfeit and substandard goods. In this regard, I will be introducing shortly before this august House a Counterfeit Bill to stump out dumping of counterfeit and substandard goods to safeguard our industrial and revenue base. Mr. Speaker, Sir, let me turn to the issue of promoting growth of SMEs and facilitating their formalisation. Encouraging growth of the SMEs remains top on Government priority as a vehicle for economic empowerment of our people. To this end, we will accelerate the ongoing reforms aimed at reducing the cost of doing business and formalise activities of the sector through introduction of wholesale and retail hubs countrywide in line with Vision 2030. The Government will also build platforms for enterprise start-ups and incubation that will create a pool of new and 1834 PARLIAMENTARY DEBATES June 14, 2007 innovative SMEs. In addition, I have allocated an additional Kshs400 million for the ongoing construction of a hawkers market in Nairobi, whose completion is expected to provide a secure and decent business environment to over 10,000 small traders. Mr. Speaker, Sir, turning to our youth, in recognition of the role that our youth can play in our economic development and to create job opportunities for them, last year, I allocated Kshs 1 billion to the Youth Enterprise Development Fund. As His Excellency the President indicated during the inaugural launch of the Fund, we are going a step further to enhance this Fund to, eventually, Kshs2 billion. This year, I am allocating an initial Kshs250 million thus bringing the total money allocated to the Fund so far to Kshs1.25 billion. More funding will be allocated as the demand increases, and as the disbursements take place and lessons from the initial grants are factored in the Fund's operation."
}