CS Kuria roots for more investment into the green economy

Nairobi,

Tuesday, September 5, 2023

KNA by Stephannie Ndunge

The African Trade and investment dialogue took place in Nairobi Monday, with its main theme being strengthening trade and investment policies to deliver an African Green, climate-positive Economic growth.

The aim of the forum is to bring more investors to Kenya, while creating awareness of the green economy in the country, closing deals with investors and dealing properly with competing interests, while connecting trade and investment into climate.

Investment, Trade and Industry Cabinet Secretary (CS) Moses Kuria speaking at the forum said that it is important to have conversations around climate and the green economy in Africa.

“We are proud as a country that for the first time we have pioneered in creating a real African voice in matters of climate. Because Africa is now on the table, this matter of climate will be solved, since Africa has been the missing voice in this conversation,” Kuria said.

He further stated that Africa is paying a huge price because of climate change, adding that drought is directly affecting Africa more than any other continent.

“Africa is spending so much resources in mitigating the effect of climate change. We need to make sure we create an environment which can be able to attract green investment,” he emphasized.

Kuria noted that 92% of Kenya’s energy is fueled by green electricity, and that the government of Kenya is making practical moves to support green trade and green investments.

State department for Investment Promotion Principal Secretary (PS) Hassan Abubakar said, “Our Country needs to realize its economic potential and be able to unlock the investment capacity. We need to define and refine our position on an effective climate action to save the planet and by extension to save the lives of people. For the action to be effective, private investing and private financing must be included.”

Associate Director KPMG Tracy Lane said that Green investment means investing in activities aligned with environmentally friendly practices and conservation of natural resources.

“Given the climate crisis, green investment places heavy emphasis on climate action mitigation and adaptation,” said Lane.

Lane added that by embracing green investments, Africa can unlock its sustainable development potential, address energy challenges, mitigate climate change, drive economic growth, and improve development.

 Industry Principal Secretary (PS) Dr. Juma Mukhwana highlighted that Kenya’s share of manufacturing is very low and as a government, they recognize that manufacturing is very critical especially because we have a large number of unemployed youth and raw materials that are going to waste and we are losing up to 40% of our agricultural produce.

“The government promises to spur manufacturing. One of the ways we intend to do this is through the policy of buy Kenya, build Kenya. Through this initiative, all government agencies are required to buy up to 40% of their requirements from Kenyan-made goods,” Mukhwana said.

He further stated that there is a policy on local content, which means that if you are importing something that can be made here in Kenya, there will be an import levy on those products.

He added that anything made locally will be taxed at a lower rate, adding that the government is putting in measures to really support Kenyan manufacturers by promoting investments that are in line with green growth and identify innovative areas where they should invest.

Courtesy; KNA