Thursday, February 22, 2024
HomeNewsPresident Ruto Invites German Investors to Kenya's MSME Sector

President Ruto Invites German Investors to Kenya’s MSME Sector

President William Ruto recently extended an invitation to German investors to invest in Kenya’s micro, small and medium-sized enterprises. During a meeting with Dr Markus Jerger, the Chairman of Der Mittelstand-German Association of Small and Medium-Sized Businesses (BVMW) in Berlin’s Potsdamer Platz on Monday, Dr Ruto emphasized that Kenya would benefit from Germany’s experienced, organized, and resourced establishments. He further noted that the MSME sector is the backbone of the German economy, generating over 60% of employment opportunities.

Dr Jerger stated that BVMW represents the interests of more than 3.3 million individual enterprises in the country, adding that Kenya’s value addition programme presents substantial investment opportunities. He cited cold storage technology as an area where investors could channel their resources to reduce post-harvest losses. The Federal Association for Economic Development and Foreign Trade (BWA), led by its chairman Michael Schumann, held talks with the President, where they discussed methods of bringing more German and international businesses to Kenya. The Association identified potential areas such as food processing, digital economy, and intellectual property rights for investments.

President Ruto reiterated the government’s commitment to supporting small enterprises’ growth under its Bottom-Up Economic Transformation Agenda. To achieve this, the government has set aside more than KES 50 billion in the Hustler Fund to provide affordable credit to millions of Kenyans who depend on the MSME sector for their livelihoods. The uptake of this facility has been encouraging so far, according to the President.



Please enter your comment!
Please enter your name here

Most Popular