Global economic shocks of recent years have reinforced the need for African countries to build capacity in key sectors, said an official from a leading pan-African industrial park developer.
Arise Integrated Industrial Platforms’ top executive in Kenya, George Olaka, told Semafor’s Next 3 Billion event that local production offers “resilience against shocks” while also “providing production capacity that the country needs.” He used the example of sugarcane, saying such crops could be used to produce fuel, which would reduce the dependence on imports.
Kenya remains confident in its economic outlook despite the fuel crisis sparked by the Iran war, the country’s top investment official added. The disruption has driven increased use of infrastructure, with more ships docking at Mombasa and Lamu ports as cargo is rerouted through Kenya, said Abubakar Hassan Abubakar, permanent secretary of trade. He said the disruption was boosting activity that had previously been underutilized.