NAIROBI, March 15 (Xinhua) -- Kenya is seeking to lure foreign investors to establish factories that will help boost exports to the world market, an official said on Thursday.
Betty Maina, Principal Secretary in the Ministry of Industrialization, told journalists that exports to the regional market in East Africa have been stagnating due to increased competition.
"We are therefore seeking investors who can produce manufactured goods for the global market," Maina said during a visit to the Kenya Investment Authority offices.
She said the East African Community (EAC) bloc used to be a lucrative market for manufactured goods from Kenya.
"However, these countries have established factories that now produce goods that were once imported from Kenya," she said.
Government data indicates that regional markets accounts for approximately 30 percent of all Kenyan exports.
"However due to a series of tariff and non-tariff barriers, trade volumes to the region have not grown in the past five years," Maina said, noting that the government is thus focusing on diversifying exports markets.
According to the PS, Kenya is looking for joint venture partners who can help the country penetrate lucrative markets outside the region.
Maina noted that the country will also rely on industrial parks to develop a competitive advantage in the manufacturing sector.
"The industrial parks are ideal because they offer all services in a cluster required to provide improved business environment for investors," she noted.