From the KAM Manufacturing Barometer (Quarter 3), the leading headwinds to the manufacturing sector’s growth include taxation policies (64 %), exchange rate depreciation (57%) and the high price of raw materials (50%), among others. The sector is riding on the Manufacturing Resilience and Sustainability Policy Toolkit in charting forward the growth, development, and resilience of the manufacturing sector to attain the 15 per cent contribution to Kenya’s Gross GDP, according to Kunyiha, as envisioned in the Big Four Agenda. The Policy Toolkit makes recommendations to aid the country’s economic and manufacturing sector’s recovery from the impact of Covid-19 as businesses navigate challenges caused by shocks arising from the virus. KAM has in the past and continues to advocate for a conducive business environment for business, he says, and will continue to support the development of an inclusive, innovative sustainable and competitive Manufacturing sector. The sector can only hope for a better 2021 as the local and global economy navigates through the pandemic.

Source: The Star December 29, 2020 05:26 UTC