Nakuru Governor, Kinuthia Mbugua today assured the business community of his commitment to creating investment opportunities in the county. He said the county was dedicated to buying land in areas in Naivasha to set up industrial parks. He also asked the private sector to offer students internships so as to train them and help them get jobs. He thanked the participants of round table and asked that it is held on a quarterly basis. “The danger would be for us to make this as an end in itself. I want to construe this as a launching pad and the way to sustain it is that the groups formed today are not ending today. They should go and refine their presentations so that they form our strategic document or blueprint and give us a basis for action.” he said. he asked the groups to work with the respective county minister so that they follow up action. He also called on the round table to be held quarterly to find out if the targets have been achieved. He also hinted at a future event where external stakeholders and investors will be invited to the county where he invited local manufacturers to also showcase their products.
In attendance were 5 MPs from the county and the deputy governor and the senator of Nakuru county. The round table was jointly organised by the county government, the Kenya Association of Manufacturers (KAM) and other business membership organisations from the area as a platform for all to discuss the economic growth through joint collaborations. Discussions were held on ways to expand the existing trade and investment frontiers in Nakuru through license waivers, land regulations and other benefits. Flagship projects were also identified such as how to exploit geothermal energy in the area.
Top on the priority list were concerns about the poor infrastructure in the county and energy costs for businesses. Addressing the round table participants at Simba Lodge, Naivasha, KAM’s immediate past chairman Jaswinder Bedi highlighted key outcomes of the round table and said: “There is a pressing need in this county to tackle infrastructure problems and to investigate regulatory hurdles to doing business. By eliminating some of these trade and investment barriers, we can open new business doors and provide the ideal environment for businesses to thrive here.”
This year the county tabled a Sh 9 billion budget. Of this amount Sh 1.7 billion will be raised through revenue collection. Sh 250 million has been earmarked for road infrastructure while another Sh 62 million will go to upgrading drainage facilities.
Nakuru County has the fifth largest population in the country with over 1.7 million inhabitants. A UN study in 2011 ranked Nakuru town as fourth fastest growing city in the world and the fastest in Africa. The economic prospects of the county are bright as it has the largest geothermal reserves in the world. 7000 MW of electricity could be generated from these reserves but 97% of them remain largely untapped. If exploited, energy costs for businesses would be drastically reduced bringing down the cost of products and improving standards of living.
The County has also been seen as Kenya’s Granary because it has the biggest storage facilities for Kenya Cereals Board which go largely underutilized. Agriculture in the area can be boosted through the introduction of new value addition activities. Agribusiness earns the county Sh100 billion annually in export sales. However, the ailing Pyrethrum sector urgently needs revival.
Tourism in the county is another major foreign currency earner. The county is located in the scenic rift valley and has more than 3 lakes, one of which is a world heritage site. It is also home to many resorts and hotels. The event drew participants from the private sector such as Betty Maina, the KAM Chief Executive, members of the donor community and Government officials. Similar KAM round table sessions will be held in June in Mombasa and Kisumu Counties.