The association of manufacturers in Kenya has established a hub for Small and Medium-sized Enterprises. The hub is meant to prepare, nurture, and grow the SMEs in readiness for the market.
SMEs play an important role in the economy by providing jobs to many Kenyans and contributing to the national income through taxes. Nonetheless, the enterprises regularly face challenges such as unfriendly policies, lengthy registration processes, lack of funds, and weak governance structures.
KAM is keen to promote growth among local businesses by creating a vibrant, competitive, and sustainable SME sector. The hub will provide incubation services, acceleration assistance, and scale-up services to Small and Medium-sized Companies in Kenya and the neighbouring nations.
The Association’s chairman Sachen Gudka said, “We aim to boost SMEs to grow from local value chains into regional and global players.” Mr. Sachen also emphasized the need to formalize the largely informal sector by simplifying the registration process for small businesses.
Government is also keen to grow SMEs by removing hindrances that affect the enterprises. The Principal Secretary at the Department of Interior Dr. Eng. Karanja Kibicho said that government is working to establish a centralized office where businesses can access to all licenses.
KAM recently partnered with the Capital Markets Authority to enable small manufacturers to access affordable funding through the stock market. The association aims to drive growth in the manufacturing segment which is one of the government’s Big four agenda projects.
