NAIROBI, Kenya, Jun 27 – The Capital Markets Authority (CMA) has signed a Memorandum of Understanding (MoU) with the Kenya Association of Manufacturers (KAM) to support growth of the manufacturing sector.
Through the MoU, the two organizations said they will collaborate to identify and analyze funding gaps, institutional challenges and key obstacles in the manufacturing sector.
CMA Chief Executive Officer Paul Muthaura said the partnership will enhance the organization’s ability to examine strategies that could support manufacturing.
It shall also support research and analysis, capacity building and financial inclusion.
KAM Chief Executive Phyllis Wakiaga said the partnership’s success will have a deep effect throughout the industry and respective value chains for years to come.
“This collaboration also comes at a time when manufacturing has been identified as a key pillar in the economic agenda of the country and will be a catalyst towards increasing the GDP Contribution of the sector from 7.7 percent to 15 percent by the year 2022,” Wakianga said.
The partnership is in line with President Uhuru Kenyatta’s manufacturing plan under the Big 4 agenda. It is also in harmony with the sustainable development goals.