Government looking for 300 million Dollars Investment

The government of Kenya under bottom-up transformation agenda is looking for 300 million dollars investment towards the 10 years economic masterplan.

The government is required to conduct training create market access facilitation infrastructure development and provide financial incentives to investors.

Youth Affairs Creative Economy and Sports Cabinet Secretary Hon. Ababu Namwaba launched the KeNIA strategic plan 2023-2027 which will be geared towards meeting KeNIA’s mission statement of developing and managing a dynamic national innovation system that catalyses jobs and
wealth creation.

Speaking during the launch, the CS affirmed that the Ministry of Youth Affairs, Creative Economy set up youth centres across all the constituencies and directed KeNIA to upgrade them into innovation hubs where innovation support programmes will be implemented.

CS also challenged KeNIA to leverage the 10-year Innovation Master Plan, launched by H.E President William Ruto in 2023 to develop a coherent Innovation Policy and Strategy to drive the ecosystem forward.

Namwaba emphasized on support of creative economy which contributes 5 percent of country’s economy. He said Creative economy attract investors and there fore enhance accessibility and inclusitivity across the country

KeNIA has within the last 3 years of its operational existence already rolled out various programmes such as the Research to Commercialisation Accelerator, offered Institutional Support to Universities in commercialising their researchoutputs, developed a digital marketplace for innovators and investors, Kenya Innovation Week, the Kenya Network of
Entrepreneurial Institutions Leaders, among other.

The Government through KeNIA is going to develop an information portal on funding
opportunities.There are potential sources of funding, which have not been adequately exploited by the Kenyan innovators such as the Youth Enterprise Development.

KeNIA have a vital role of supporting innovators in protecting their innovations through intellectual property rights. Formulate recommendations to foster an innovation culture in Kenya, particularly on how the government can provide tax reliefs to
investors in innovationn, akin to reliefs available to the sports industry.

KeNIA is set to spearhead the development of a framework to enhance collaboration among all entities engaged in innovation activities to improve service delivery to the Kenyan innovation ecosystem.

The government to invest more in enhancing the appropriate skills for innovation
development, commercializing innovatons, and managing innovation hubs.
Investing in skills and talent will contribute to boosting Kenya’s innovation performance in future ranking.