President William Ruto has emphasised the need to create sustainable
enterprises to generate quality jobs for the young generation.
Ruto said the government must confront the stark fact that unemployment remains a pressing issue in Kenya and many African countries.
He was speaking on Wednesday during the launch of the 4th Kenya Innovation Week at the College on Insurance.
“The shape of the crisis is undeniable here. With between
500,000 and 800,000 youth entering Kenya’s job market annually, creating
sustainable enterprises which can generate quality jobs is a critical
imperative,” he said.
Ruto added that innovation can no longer be a discretionary
consideration, rather, it is an indispensable component of efforts to promote
inclusive growth and uplift the well-being of the majority of our people.
He noted that it is through initiatives like the Silicon
Savanna and Kenya Innovation Week that the government should refocus its
dedication to leveraging technology and innovation to create opportunities,
bridge the yawning gap of economic inequality and drive our nations to
prosperity.
Ruto explained that the theme of the forum resonates
strongly with the radical vision of the African Continental Free Trade Area as
a transformative framework aimed at increasing Africa’s income by Sh58.3
billion ($450 billion) by 2035 and boosting intra-African trade by over 81
percent.
The President said through the active promotion of
collaborations and the facilitation of idea exchange, Kenya is making a
significant contribution to Africa’s economic transformation.
“Over the past year, Kenya has made remarkable progress in
implementing the 10-Year Innovation Masterplan. Initiatives like the
Research-to-Commercialisation Accelerator have supported 18 enterprises and raised
over Sh100 million,” he said.
“Likewise, the Kenya Network of Entrepreneurial Institutions
has empowered university leaders to drive entrepreneurial transformation. These
are remarkable milestones which highlight the strength of our innovation
ecosystem in delivering tangible results.”
He stated that the government’s commitment to collaboration
at the pan-African and international levels is also evident in such initiatives
as the Kenya-India Innovation Nexus and the Africa Innovation Agencies Network.
He said the partnerships are dedicated to unlocking markets
and ensuring that appropriate and transformative African solutions are deployed
to address African challenges.
“Accordingly, Kenya is proud of its leading role in
positively defining the continent’s future. At the same time, Kenya is also
emerging as a global leader in the green economy,” he said.
“Take the example of the Timbuktoo Green Tech Hub, which
aims to mobilise Sh1.3 billion ($1 billion) for 10,000 African startups,
exemplifying our focus on sustainable development. It is through investments
like this that we shall manage to create jobs, advance climate solutions and
position Kenya as a hub for green innovation”.
Additionally, Ruto said, the Presidential Innovation Challenge
signifies the strength of the government’s commitment to empowering young
innovators.
He noted that in 2023, 30 awardees created more than 300
jobs in eight months.
Ruto said building on the promising achievement, 2024’s
challenge has been enhanced to include categories for youth, startups, students
and researchers, while its resource fund has been doubled to adequately cover
increased requirements for mentorship and funding.
He said through decisive measures, his administration is working
hard to steadily improve Kenya’s ranking in the Global Innovation Index.
The President called on stakeholders; government, private
sector, higher education and development partners to remain steadfast in
collaboration and intensify efforts to promote innovation.
