BUSINESS COMMUNITY IS INTEGRAL TO ECONOMIC TRANSFORMATION

BUSINESS COMMUNITY IS INTEGRAL TO ECONOMIC TRANSFORMATION

The Chief Director for Export Promotion and Marketing at the Department of Trade and Industry (the dti), Ms Zanele Sanni says the business community is integral to economic transformation.  Sanni was speaking at an investment seminar held in Nairobi as part of the Outward Selling and Investment Mission currently taking place in Kenya.

According to Sanni, business can increase the creation of decent sustainable jobs, advance the fight against poverty and accelerate the economic transformation.

She pointed out that South Africa was still leading with regard to investment into Africa.

“South Africa’s investment in Kenya is distinct in that investors take a long term view and prioritise the creation of sustainable jobs. Seventeen investment projects originating from South African companies have been established in Kenya in the past six years. The value of this investment amounts to US$200 million and 429 direct jobs have been created,” she highlighted.

Sanni said whilst trade had increased steadily, the trade surplus was heavily skewed towards South Africa, and to address the skewed trend of the trade surplus, South Africa and Kenya have signed a number of agreements that seek to increase trade and investment flows as well as to establish regular consultation at all levels.

“Barriers to trade are also being addressed through the Memoranda of Understanding (MoUs) on Standardisation between our standards, quality, and accreditation and measurement authorities. There is also a draft MoU on the development of small business which is aimed at more inclusive growth and widening the business base,” added Sanni.

To further address the trade imbalance between South Africa and Kenya, Sanni announced that the two counties had agreed to establish a Joint Business Council, and she will be meeting her counterparts in Kenya to appraise each other on the progress made in the establishment thereof.

The Chief Executive Officer (CEO) of Platinum Credits, a South African company that has invested in Kenya, Mr Brett Sievwright said his company had grown from strength to strength. He told the South African businesspeople that it was easy to do business in Kenya. He emphasised that companies needed to adhere to rules of engagement, which Kenya, like any other country has.