- The summit sought to unlock the potential of collaborative networks.
- It also presents several advantages of participating in a business ecosystem, including innovation and acceleration.
To realise increased profitability, customer acquisition and wider market access in the current economic recovery mode, businesses need to embrace Public-Private sector collaborations more, LREB now says.
The national and county governments from the Lake Region Economic Bloc (LREB) is thus calling on businesses nationwide to leverage on the partnership model, saying it offers vast opportunities for growth.
Addressing delegates during the inaugural business ecosystem summit in Kisumu, Treasury CS Njuguna Ndung'u, said such partnerships offer an opportunity to expand the country's reach and investment network, aiming for a mutually beneficial cooperation.
"Such summits highlight our value addition programs' potential in partnerships for instance, and reinforces our commitment to strengthening trade and investment," Ndung'u said.
He added that it underscores the importance of supporting private investments that thrive in active markets, contributing significantly to economic growth.
Organised by the IMC People Ltd in partnership with LREB, the summit sought to unlock the potential of collaborative networks and effectively navigate the dynamic shifts within various business landscapes.
Besides that, the lobby says it presents several advantages of participating in a business ecosystem, including innovation and acceleration.
"These could lead to creation of new products, services and business models that address evolving market needs, agility and resilience that ensure sustainability even in turbulent times such as the pandemic, and market access that empowers startups and local businesses," LREB says.
Other advantages highlighted included resource optimisation that translates into cost savings and accelerated development, risk mitigation that enhances stability and sustainability and collaborative governance which ensures that all stakeholders have a voice in shaping the ecosystem's direction.
In his remarks, LREB Chairperson and Kisumu governor Anyang’ Nyongo, emphasised that the summit set the stage for business collaboration in the country.
“This summit highlights the need for policymakers and industry leaders to streamline processes for business growth and underscores the catalytic potential of public-private partnerships,"Nyongo said.
"It also marks a pivotal moment in our pursuit of a more prosperous business and investment future within LREB and the nation as a whole."
The summit was graced by over 10 governors from the lake region and attracted thousands of delegates and exhibitors from across the country.