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Kenya looks to diversify exports to grow her GDPTuesday, July 19, 2016 > 11:47:05
Kenya is keen on diversifying her exports by leveraging on global industrial competitiveness.
During the Seventh Global Commodities Forum, Industry and Trade Cabinet Secretary Adan Mohamed said expanding exports will help Kenya increase its share of the international market besides growing her Gross Domestic Product.
The forum, running concurrently with the World Investment Forum, is a prelude to the week-long United Nations Conference on Trade and Development (UNCTAD 14) at the KICC.
“These consultative platforms bring together leaders in the business and investment sectors from around the world,” Mohamed said in a statement.
“Kenya and other developing countries will gain first-hand experience on proven policies and procedures to leverage their resource-rich economies to generate wealth and create jobs for Kenyans.”
The Seventh Global Commodities Forum is being hosted for a second time in Kenya since 1976.
Mohamed cited implementation of new laws like the Company and Insolvency Act in 2015 to promote business development.
He also said the extension of the African Growth and Opportunity Act treaty to increase our trade capacity and establishment of Special Economic Zones will encourage foreign direct investment, and create new job opportunities.
He remarked on Kenya’s heavy reliance on income generated from commodity exports, the need for sagacity to expand this market – beyond agricultural commodity production – and investing more on alternative industries like textile and apparel, leather, iron, ICT among others.
This, the CS said, will enable us take advantage of price booms in the global market and have access to multiple trade opportunities.
He said such a focus shift will result in immediate short-term economic gains and long-term market stability for Kenya.
The seventh edition of the forum gathered more than 400 multi-sectorial representatives from around the world.
Under the theme, Breaking the Chains of Commodity Dependence, participants discussed how commodity-dependent developing countries can adapt to the twin shocks of lower commodities prices.