PS K’Ombudo Appears Before Region Integration Committee
The high cost of production and manufacturing is affecting the country’s ability to attract investors, this is according to the Principal Secretary State Department of Trade, Alfred K’Ombudo, who appeared before the National Assembly Committee on Regional Integration Tuesday.
The Committee chaired by Hon. Wanjiku Muhia (Kipipiri), however, heard that the ministry had put in place measures to address the challenge and position Kenya for investors to locate it as their destination within the East Africa Community (EAC) and globally.
PS K’Ombudo told the Committee that despite the fact that the global economic politics had changed the way international partners are sourcing their goods, efforts were in place to understand the dynamics and make Kenya a sourcing option for these partners.
“To access the EAC market effectively, we have advocated for common standards within the EAC region. We have also created a liberalized market for goods and services through successive rounds of negotiations,” PS K’Ombudo said.
The Committee through the chair asked the PS the roles that the ministry had played towards promoting regional trade.
While responding, the PS disclosed that the ministry contributes to the movement of capital and natural persons and facilitates investments building on the initiatives and developments in the State Parties and Regional Economic Communities.
According to the PS, to solve trade disputes and balance between competition and cooperation within the member states and ensure smooth trade relations, the Ministry has implemented trade agreements that are in place.
Additionally, the PS told the Committee that the ministry has adopted strategies to support Small and Medium-sized Enterprises (SMEs) to access regional markets and participate in border trade and investment.
He said that traditional export trade was for big companies but they have ensured that all trade agreements have a SMEs corporation chapter.
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