By Albert Mwangeka
A high policy forum on the role of private sector in Africa’s economic transformation through diversification and industrialization will be held in Kenya on 22nd August 2016 ahead of the TICAD VI meeting .
Kenya Private Sector Alliance (KEPSA) in conjunction with the International Finance Corporation IFC of the World Bank Group, Africa Development Bank, Japan External Trade Organisation, Government of Kenya and the Africa Union Commission are expected to participate in the pre-TICAD meeting which will be officially opened by President Uhuru Kenyatta.
The policy dialogue will host 250 participants drawn from top private sector leadership from Japan and Africa, development finance institutions and the public sector officials will focus on two areas which would include infrastructure financing for Africa and productivity and the role of innovation and technology to achieve economic prosperity.
KEPSA CEO Ms. Carole Kariuki explained that Kenya is a key business hub as it attracts more conferences of international magnitude.
“TICAD VI is a good opportunity to showcase Kenya’s robust business opportunities and gaps with the Japan government. KEPSA will participate actively in the negotiations as it represents the private sector which is a good ingredient in the growth of any country and a key contributor to promoting economic growth and development,’’ said Ms. Kariuki.
Ms. Kariuki also called for continued support with other strategic economic players noting that the private sector could not work in isolation.
IFC Executive Vice President and CEO PhilippeLe Houérou said, “IFC is working with other World Bank Group institutions and with governments and businesses to mobilize additional financing to spur economic development in Kenya and other countries in Africa.”Le Houérou added that governments in Africa have a massive role in attracting private investment to infrastructure and other sectors.
Kenya has made significant progress in infrastructure development in recent years which can majorly be attributed to budgetary allocation to infrastructure that has progressively increased from less than 1% of GDP a decade ago to over 7% as of 2013.
