National and County governments from the Lake Region Economic Bloc (LREB) have urged businesses nationwide to embrace Public-Private sector collaborations for increased profitability, customer acquisition, and market access.
The call comes amidst the country’s economic recovery from global shocks, severe drought, and the COVID-19 pandemic.
Addressing delegates during the inaugural Business Ecosystem Summit in Kisumu, Cabinet Secretary for National Treasury and Economic Planning, Prof. Njuguna Ndungu, emphasized that such Public-Private Partnerships offer an excellent opportunity to expand the country’s reach and investment network, aiming for mutually beneficial cooperation.
“This summit highlights our value addition programs’ potential and reinforces our commitment to strengthening trade and investment. It underscores the importance of supporting private investments that thrive in active markets, contributing significantly to economic growth.” Said Prof. Ndungu.
Organized by The IMC People Ltd in partnership with the Lake Region Economic Bloc (LREB), the summit sought to unlock the potential of collaborative networks and effectively navigate the dynamic shifts within various business landscapes.
Besides, it revealed several advantages of participating in a business ecosystem, including innovation and acceleration that lead to the creation of new products, services, and business models that address evolving market needs, Agility and resilience that ensure sustainability even in turbulent times such as the pandemic, and Market access that empowers startups and local businesses, levelling the playing field and fostering economic growth across all scales.
Other advantages highlighted included Resource optimization that translates into cost savings and accelerated development, Risk mitigation that enhances stability and sustainability and collaborative governance which ensures that all stakeholders have a voice in shaping the ecosystem’s direction.
In his opening remarks, LREB Chairperson, Gov. Prof. Anyang’ Nyongo, emphasized that the summit set the stage for business collaboration in Kenya.
“This summit highlights the need for policymakers and industry leaders to streamline processes for business growth and underscores the catalytic potential of public-private partnerships. It also marks a pivotal moment in our pursuit of a more prosperous business and investment future within LREB and the nation as a whole. Our collaborative efforts will shape the economic landscape of the entire nation.” said Prof. Nyongo
The summit convened a dynamic network of interconnected organizations, stakeholders, and resources fostering innovation and collective success. These ecosystems transcend traditional industry boundaries, fostering an environment where innovation thrives, with collective success as the ultimate goal.
Delegates from both the private and public sectors were challenged to embrace business ecosystems, recognizing their profound advantages.
Jeanette Oromo, CEO of The IMC People, highlighted that these ecosystems transcend traditional boundaries, creating an environment where innovation thrives, fostering collective success. She noted that
“The outlined advantages are proven drivers of economic growth, achieving joint value creation faster and more efficiently than traditional value chains. As we enter a new era in business, we have the opportunity to harness ecosystems’ power to unlock our economies’ full potential. Together, in the spirit of Harambee, we can advance toward a shared goal of value creation and addition.”
The summit attracted thousands of delegates and exhibitors from across the country.