This is according to Kenya Association of Manufacturers Chairman Pradeep Paunrana who said that the opportunity will enable the work of Kenyan manufacturers to be visible in the global arena.
“The presence of President Barack Obama and more than a thousand delegates and investors is very significant to the country’s economy. This is so, especially for the manufacturing sector,” Paunrana said.
The chairman went on to say that, apart from the manufacturing sector, other sectors that would benefit include agriculture, information technology and the service industry.
Local manufacturers and investors stand to benefit from the various investors who will attend the upcoming Global Entrepreneurship Summit as most of them come from economies that have flourished in these sectors.
“It is therefore up to all local business people to attend the summit and network with the delegates and investors who will be in attendance,” he explained.
The benefits of President Obama’s presence and the summit being in Kenya go beyond benefiting manufacturers and investors.
According to Paunrana, the country’s economy is on the verge of growth and the visit can only accelerate it.
“The spotlight will be on Kenya. We therefore need to take the grand opportunity and show the world what our economy is made of. Let all the players play their part in demonstrating Kenya as what it is; an ideal place to not just tour but to also as an investment destination.”
He also called out to manufacturers to be ready and to position themselves in a way that makes collaborations with international investors easy.
“We therefore welcome international investors into Kenya to come and set up manufacturing plants and exportation industries that could serve the rest of the region,” Paunrana said.
The KAM chairman also stated that local investors should not worry about competition from investing entrants as their entrance means that Kenya is a free, democratic economy which is also liberalized, a combination that will foster growth.
“The growth and development of this country is dependent on having a free market that allows investors to work freely. This will ensure that there are quality services because of competition, while jobs will also be created in the country,” he stated.
Going forward, he stated that a free market will also bring in prosperity for the different sectors and the country as a whole.