Cooperatives challenged to seek joint ventures
Co-operative societies must explore joint ventures and strategic alliances to drive business growth, according to discussions at a national cooperative leadership forum.
The captains of industry in the cooperative movement also emphasized the need for these institutions to tap into new avenues for growth.
Cooperative Insurance Company (CIC) chair Nelson Kuria, said while cooperative societies have grown in terms of membership, there is need to further contribute to enhance economic development.
Speaking at a forum organized by the Cooperative Alliance of Kenya (CAK), Kuria urged members to seek new business opportunities through partnerships with export companies, banks, dairy companies, insurers, manufacturing units, processing plants, and transport companies.
Fueling innovation
Kuria urged Kenyan cooperatives to be more innovative in partnering with organizations possessing resources to fuel further growth.
He underscored the role of leadership and good governance by pointing out the establishment of institutions such as the Cooperative Bank of Kenya, CIC, cooperative farmers unions, and credit unions, which are now competing with commercial banks.
“Key to the exciting growth is because of leadership where practices of good governance have been embraced over the years,” said Mr. Kuria.
Daniel Marube, CEO of CAK said: “The establishment of the institutions and enhanced saving culture has led to Kenya being ranked position one in Africa and seventh in the world. Other African countries have come for benchmarking in Kenya,” he said.
David Mategwa, National Chairman of Kenya Police Deposit Taking Sacco, emphasized the critical role of technology in the evolution of Saccos, emphasizing the need for Saccos to invest in technology to remain relevant and avoid obsolescence.
Despite the impressive growth, the forum acknowledged several challenges facing the cooperative movement, including governance issues, cyber security threats, low technology uptake, limited youth and women participation, demographic shifts in membership, and debt accumulation.
Innovation Hub
Beijing hosts numerous educational and research institutions, along with a thriving ecosystem of high-tech enterprises and unicorn companies. Foreign investment in Beijing, driven by sci-tech innovation, has been substantial, with foreign direct investment focused significantly on scientific research and technical services. “Beijing still remains attractive, even though the geopolitical situation is quite difficult,” said Irene Pivetti, president of the Italy-China Friendship Association, who has been committed to promoting cooperation between China and European enterprises, in an interview with Xinhua during the ZGC Forum.
The city’s proactive measures to enable the development of sci-tech innovation are creating diverse opportunities for global capital, including cooperation in emerging high-tech industries, participation in major sci-tech projects.
Beijing will continue to offers broad prospects for global capital in sci-tech innovation cooperation and the capital market.
Beijing’s efforts to create a conducive environment for sci-tech innovation will not only enhance its attractiveness to investors but also contribute to the city’s sustained development and global influence.Cross-border trade
The DhowCSD platform has not only facilitated local trading but has also enhanced cross-border transactions of Kenya Government securities, thereby integrating Kenya into the global financial landscape.
Thugge expressed gratitude to the awards committee for acknowledging CBK’s dedication and ingenuity in developing this innovative solution. The award serves as validation of CBK’s pursuit of excellence in enhancing financial market efficiency and accessibility.
As Kenya continues to position itself as a regional financial hub, initiatives like DhowCSD will play a crucial role in attracting investment
The success of the DhowCSD platform is an indication of how embracing technology and innovation can foster growth in the region.
Deal promotes transparency, bolsters investor confidence in the financial markets.
Moving forward, CBK remains committed to advancing its mandate of ensuring stability and resilience in Kenya’s financial system while driving initiatives that empower individuals and businesses to participate actively in the country’s economic progress.
