A World Bank report ranks the manufacturing sector as Kenya’s best bet to in reducing unemployment and creating more wealth should certain strategic support measures be put in place by the Government.
According to the report, these measures include improved business environment, removal of market distortions that undermine competition, improved productivity and innovations, enhanced access to markets and enriched collaboration across sector levels.
The World Bank’s Apparel and Textile report finds that manufacturing is crucial to job creation, industrial development, and growth, but has lately been underperforming compared to other growth sectors. Growth in the sector has been shrinking or stagnating, with figures from the Kenya National Bureau of Statistics (KNBS) showing that the sector’s growth in this year’s second quarter shrunk when compared to performance registered in the first quarter.
The report highlights some of the challenges that have bedevilled the value-chains of two manufacturing sub-sectors--apparel and textile and furniture--which have by extension frustrated efforts made towards increased employment and wealth creation in the sector. Read more. Source | Standard Digital