STORY: Kenya launches 10-year plan to spur growth of digital economy
SHOOTING TIME: Nov. 27, 2023
DATELINE: Nov. 28, 2023
LENGTH: 00:02:38
LOCATION: Nairobi
CATEGORY: ECONOMY

SHOTLIST:
1. various of the conference
2. various of Kenyan President William Ruto at the innovation exhibition
3. SOUNDBITE (English): WILLIAM RUTO, Kenyan President
4. various of the conference

STORYLINE:

Kenyan President William Ruto on Monday launched a ten-year plan to spur the growth of the digital economy through investing in a robust innovation ecosystem, training, mentorship, and market linkages.

Launched on the sidelines of the third edition of Kenya Innovation Week, underway in Nairobi, the Kenyan capital, the innovation plan roots for supportive infrastructure, training, and access to capital as a means to accelerate the growth of technology start-ups in the country.

SOUNDBITE (English): WILLIAM RUTO, Kenyan President
"We are underway in delivering the most ambitious package of strategic intervention and aimed at transforming Kenya's economic interests to a highly productive, highly inclusive, dynamic and sustainable system of opportunities in order to feed the nation, keep it healthy, create more jobs, promote entrepreneurship, support creativity and innovation and thereby increasing employment, creating wealth and reducing poverty, and also reducing inequality."

He reaffirmed Kenya's commitment to become a regional innovation hub, adding that angel investors and venture capitalists were keen to pump capital into local start-ups that are promoting digitization of the public and private sectors.

In addition, Ruto said the government is keen to leverage youth-led innovations to tackle the climate crisis and transform agriculture, education, manufacturing and health sectors.

The plan will help public and private sectors tap into emerging technologies like artificial intelligence, blockchain, internet of things, and data analytics, which are crucial for modernizing the economy, Ruto said.

Senior policymakers, young innovators, investors, and scholars are attending the 2023 Kenya Innovation Week, which runs until Friday. The five-day event will feature panel discussions, exhibitions, and business networking sessions.

Ababu Namwamba, cabinet secretary for Youth Affairs, Creative Economy and Sports, said besides showcasing innovations that are transforming key economic sectors, the event will also provide young innovators a platform to pitch for funding.

Namwamba said the launch of a ten-year innovation masterplan realigns with the government's people-centered development strategy to tackle poverty, inequality, and youth unemployment.

Xinhua News Agency correspondents reporting from Nairobi.
(XHTV)