Cooperatives Cabinet Secretary Wycliffe Oparanya on Wednesday announced that his Ministry had facilitated 483 Kenyan Micro, Small and Medium Enterprises(MSMEs) to access multi-billion markets for their products in the East African Community market.
In a press statement delivered by the CS during the East Africa Community(EAC) MSMEs Trade Fair, the CS announced that the opportunity enabled Kenyan enterprises to boost their market share and strengthen their presence in the East African Community.
Oparanya revealed that the opportunity for Kenyan businesses meant that the companies from Kenya would now be able to access a market size of approximately Ksh44.6 trillion ($305 billion).
''The annual trade fair has distinguished itself as an instrument for promoting intra-EAC trade and investment by enabling businesses to interact and access market information and opportunities,’’ Oparanya stated.
''This event has presented an opportunity for 483 Kenyan MSMEs to further understand the emerging market dynamics and business practices to facilitate business linkages for increased trade,’’ the CS added.
He revealed that the market opportunities would enable the Kenyan companies to access a greater market for their products especially with the expansion of the East African Community, in terms of its member states.
''The EAC's expanded market size (312 million people) and GDP (approximately $305Billion) as a result of the recent entry of the Democratic Republic of the Congo (DRC) and Somalia into the community adds significant impetus to the push to increase Intra-EAC trade, especially given that the EAC region now stretches from the Indian Ocean to the Atlantic Ocean, making it competitive and easy to access the larger African Continental Free Trade Area (AfCFTA),’’ a statement from Oparanya’s ministry read in part.
According to Oparanya, the opportunity would enable the Kenyan companies an opportunity to come up new technologies in the design of the products.
He added that the EAC market would also give Kenyans an opportunity to have access to quality products from the member states of the market.
''It will not only avail a forum for showcasing what Kenya has to offer to the regional market but also play a leading role in facilitating trade and business exchanges among participating countries while at the same time offering an exciting platform for launching new and improved technologies targeting both the local and regional markets,’’ the CS noted.
Meanwhile, the CS disclosed that the government had already embarked on plans to improve the small and medium enterprises, especially on enabling them access the digital markets that would in turn enable online trade.
''The Government is also exploring new development plans to improve MSMEs' awareness of digital markets and trade to sustain e-commerce,” Oparanya revealed.
