Nairobi forum seeks ways to address SMEs challenges

By Steve Umidha

Kenya will next month play host to a three-day conference aiming to empower entrepreneurs running small and Medium Enterprises (SMEs) across the country.

Dubbed, SMELink Conference, the forum has been organized by the SMELink International in partnership with the SME Founders Association and is bringing together stakeholders in the SME sector in order to equip, empower and enable them have access to business opportunities.

It will essentially target youth and women-owned businesses.

“The forum is part of a strategic objective to connect 50 million SMEs to Money, Markets and Mentors by 2027 to foster creation of decent and sustainable jobs and reduction of poverty,” commented Patrick Ojil, the Executive Director SME Link International.

Adding that, the conference will be the first in the partnership to inspire them to take action using proven techniques and tools as they connect to different stakeholders who can accelerate their businesses to scale.

The highlight of the conference will be pitching sessions for SMEs dubbed Rhino’s Den where Sh100 million will be up for grabs for solid pitches.

Vusi Thembekwayo – a venture capitalist and a business leader will be the Keynote speaker at the forum with topics such as trade linkages, markets, opportunities at the Africa Continental Free Trade Area (AfCFTA) as well as global markets, trade requirements to foster friendly relations with regulators, funding, and business growth strategies among others to be discussed.

This comes amid commitment by the State in promoting a favorable business environment to small and medium enterprises (SMEs) in a move expected to spur growth in the sector healing from Covid-19 shackles.

Some of the considerations by the State include tax breaks and extension of credit offering facilities by both local and foreign firms keen to invest in the country.

Lending to small and medium enterprises (SMEs) is predicted to jump this year owing to rebounding economic activities amid relaxed Covid-19 restrictions.

According to Kenya Investment Authority (KenInvest) General Manager of Investment Promotion and Business Development of Kenya Pius Rotich, such a move would help fasten the economic recovery hampered by the effects of the pandemic.

A recent National Economic Survey report by the Central Bank of Kenya (CBK) indicates that SMEs constitute 98 percent of all business in Kenya, create 30 percent of the jobs annually as well as contribute 3 percent of the GDP.

SMEs employ more than 80 percent of the working population in Kenya and play a central role in its economic and growth strategies. Efforts to make SMEs more competitive can help the country achieve its development objectives by creating more jobs, strengthening sectors and developing business models that work.