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{
"id": 256439,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/256439/?format=api",
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"type": "speech",
"speaker_name": "Mr. Kibaki",
"speaker_title": "PRESIDENTIAL ADDRESS His Excellency the President",
"speaker": {
"id": 43,
"legal_name": "Emilio Mwai Kibaki",
"slug": "mwai-kibaki"
},
"content": "Thank you. Mr. Speaker, Sir, I opened the Fourth Session in March, 2005. I outlined my Government's development agenda and the Bills we proposed to present to the House to facilitate implementation of that. We have had success in many areas but there are a number of other areas where we were unable to fulfil our commitments because of failure to pass appropriate legislation. Indeed, last year, our legislative performance did not meet the expectations of our people. Out of the 25 Bills that were presented to Parliament for debate and enactment, only seven were concluded. As we commence this Session, therefore, I would like to appeal to hon. Members to focus more on the legislative priorities of our country. It is only by doing so, that we will succeed in improving the lives of our people and advancing our national goals of socio-economic development. Mr. Speaker, Sir, the Kenyan people place a lot of responsibility and expectations on the institution of Parliament. As the supreme organ of the state, Parliament is looked upon by Kenyans to provide leadership in tackling the challenges that continue to confront us. Some of these challenges include revival of the economy, addressing governance issues and enhancing the social well-being of our people. The policies we are implementing are producing remarkable results in economic performance. For example, we have maintained positive economic growth rate throughout the last three years. In the year 2003, our economic growth rate was 2.8 per cent, which rose to 4.3 per cent in the year 2004. Mr. Speaker, Sir, last year, our economy grew by more than 5 per cent and is still improving. This improved performance reflects continued recovery in most sectors of the economy. For example, in the last fiscal year, tourism grew by 15 per cent, while transport and communications grew by 9.7 per cent. Value addition in manufacturing, trade, building and construction also recorded growth rates of 4.1 per cent, 9.5 per cent and 3.5 per cent respectively. The export sector also performed well with horticulture growing by 13.2 per cent and tea by 11 per cent. Electricity and fuel consumption expanded by 8 per cent and 14 per cent respectively. Cement consumption also expanded by 12 per cent. In communications, rapid growth was achieved in mobile phones sub-sector with 5.5 million connections which represents a 19 per cent national penetration. The high demand for these services and utilities is, as hon. Members well know, an indication of an expanding economy. In the production sector, credit to transport and communications increased by 39 per cent, while credit to the manufacturing, building and construction sectors increased by 27 and 22 per cent respectively. Mr. Speaker, Sir, the sound fiscal and monetary policy that my Government has continued to pursue has resulted in a favourable environment for investment. In particular, these policies have resulted in lower interest rates. As a result, credit to the private sector expanded by 21 per cent. Moreover, since the establishment of the Kenya Investments Authority in October last year, we have seen significant improvements in the flow of investments into the country. The number of investors coming to Kenya has continued to grow with the value of new investments doubling from Kshs5.3 billion in the year 2004 to Kshs10.5 billion last year. Indeed, many of the multinational companies which relocated from Kenya in the last decade have now returned and made Nairobi their African headquarters. Nairobi is gradually reclaiming its status as March 21, 2006 PARLIAMENTARY DEBATES 5 a regional hub for international investments. Furthermore, there has been a steady increase in Kenyan traders exporting into the COMESA region, especially Southern Sudan. These investments are creating the economic expansion that I mentioned earlier. But more importantly, they are also creating high quality jobs for our young people. Mr. Speaker, Sir, we need to sustain this momentum and we should all work together to minimize negative political activities that can create unjustified fear or uncertainty amongst investors."
}