The inaugural Nyanza International Investment Conference kicked off in Kisumu on Thursday, bringing together local and international investors, government officials, and private sector leaders to explore and capitalise on the region’s economic potential.
The three-day event, themed “Nyanza Rising: Towards Economic Transformation for Socio-Economic Growth and Development,” aims to showcase investment opportunities across the six Nyanza counties of Kisumu, Siaya, Homa Bay, Migori, Kisii, and Nyamira.
Over 700 delegates, comprising local and international investors, development partners, and national and county government officials, will explore the numerous investment opportunities in Nyanza and the wider Lake Region Economic Bloc (LREB) with a view to signing pacts that will give birth to socio-economic programmes.
Education Cabinet Secretary (CS) Julius Ogamba, who was the chief guest during the opening of the conference, said the conference organised by the Nyanza Professionals Forum and LREB presents an opportunity for the six counties in Nyanza and the wider LREB region to leverage the collective resources to transform the region.
The region, he said, was endowed with huge investment opportunities across key sectors including agriculture, renewable energy, tourism, mining, technology, infrastructure, and the blue economy, adding that the conference will connect investors, government, and development partners to explore and capitalise on the opportunities.
“The theme of this conference encapsulates our collective aspiration to harness the region’s untapped potential. We are not simply here to identify problems, but to find solutions, forge partnerships, and create an environment where investment can thrive,” he said.
The Nyanza region, despite having one of the highest literacy levels in the country, he said, was still facing substantial socio-economic challenges, adding that unlocking development in the area will go a long way in addressing the challenges.
“According to a study by the Kenya Institute for Public Policy Research and Analysis (KIPPRA), the six counties of Nyanza contribute a meagre 10 per cent to the national GDP. Similarly, the 2023 Gross County Product Report reveals that Nyanza accounts for only 4.9 per cent of Kenya’s national manufacturing activities. This is a stark contrast to Nairobi, which contributes 36.9 per cent; Mombasa at 9.6 per cent; Kiambu with 8.4 per cent; Machakos at 7.6 per cent and Kilifi at 4.6 per cent,” he said.
For the region to achieve its full economic potential, he said, there was an urgent need for investment in critical infrastructure, technology, and industrial development to address gaps that currently limit the region’s ability to fully contribute to the nation’s industrialisation and economic growth.
The conference, he said, was expected to deliver tangible outcomes, including signing at least 10 joint ventures and investment deals in agriculture, blue economy, technology, and infrastructure development.
He added that the government was committed to ensuring a conducive environment for investors and will continuously improve infrastructure, streamline regulatory processes, and provide incentives for investors.
“I am confident that the discussions and partnerships fostered at this conference will be the beginning of a transformative journey for Nyanza and the Lake Region Economic Bloc. By working together, we will harness our region’s potential and make a meaningful contribution to Kenya’s national development goals,” he said.
Nyanza Professionals Forum Chairman, Japh Olende, said through partnership with the county governments, bankable projects have been packaged, and investors will have a chance to explore the viability and potential of the opportunities with a view to signing pacts with the respective county governments.
Lake Victoria, he said, presents a huge opportunity for investors keen on rolling out projects in the blue economy and tourism, with the region’s vast arable land being a key asset in rolling out agro-processing projects.
The region’s strategic position, he said, was an added advantage, with the investors taking up the opportunities set to access markets in East Africa and Central Africa regions.
Deputy Chief of Staff in charge of Performance and Delivery Management Eliud Owalo, who is also the Nyanza Professionals Forum patron, said the conference, which has been planned for two years, was a testament to the professionals’ commitment to coming back home to play an active role in development.
“For many years, development has been left in the hands of county and national governments, with the professionals sitting on the fence complaining how things are not working,” he said.
He lauded the move, calling on more professionals and the diaspora to join the bandwagon to unlock the region’s full potential.
By Chris Mahandara
