Bungoma businesses set to reap big as Lusaka strikes Trade Fair deal with KNCCI

Hundreds of local business in Bungoma County are set to receive a major boost after Governor Ken Lusaka led the devolved unit in striking a partnership with the Kenya National Chamber of Commerce and Industry (KNCCI) to host the highly anticipated 2024 Trade Fair.

The event, scheduled to take place from October 9-11, aims to position Bungoma as a hub for trade and innovation.

It will feature a wide range of local products, create business opportunities, and foster economic growth for the county.

Speaking at the Bungoma Chapter, Chamber of Commerce breakfast meeting held at Hunters Paradise Hotel, Governor Kenneth Lusaka emphasised the importance of partnerships in supporting local enterprises.

“We are committed to boosting small enterprises, but we cannot do it alone. Collaboration with the Chamber of Commerce will be key to ensuring the success of this Trade Fair,” Governor Lusaka stated.

Additionally, the Governor urged residents to invest in agricultural value chains to enhance food security, which remains a top priority for the county.

KNCCI President Dr. Erick Rutto, who graced the meeting, pledged to bring Bungoma’s renowned coffee to the global stage.

Dr. Rutto emphasized the Chamber’s commitment to expanding international markets for the region’s coffee producers.

“We are dedicated to showcasing Bungoma coffee to the world, ensuring that its rich flavor and high quality are recognised globally,” he said.

The Kenya National Chamber of Commerce and Industry plays a crucial role in enhancing the economic viability of county governments and empowering local businesses by facilitating trade, providing advocacy, and offering access to markets, finance, and business networks.

Bungoma businesses and business people can benefit from the Trade Fair and the KNCCI in many ways including:

Market Linkages and Trade Promotion

KNCCI connects county governments with national and international markets, promoting trade opportunities for local industries. This fosters exports and investments within counties.

Local businesses will benefit by exhibitions that provide a platform to showcase their products and services to potential buyers, investors, and partners.

Capacity Building and Training

KNCCI offers training and capacity-building programmes that help county governments to enhance governance, service delivery, and economic planning related to business development, and hence the upcoming trade fair is a big opportunity for Bungoma.

On the other hand, local businesses will benefit from workshops and training sessions focused on business management, entrepreneurship, digital transformation, and financial literacy to equip them with the necessary skills to thrive in competitive markets.

Advocacy and Policy Support

Bungoma county will tap into policies that enhance the business environment with a vision of creating a conducive environment for business operations while local businesses, through its advocacy role, KNCCI will push for business-friendly regulations, tax incentives, and reduced bureaucratic barriers, directly benefiting local entrepreneurs and SMEs.

Access to Financial Services and Credit

The Trade Fair will provide a platform for facilitating discussions with financial institutions to promote investment in county development projects, which indirectly benefits the local business ecosystem.

Consequently, KNCCI Trade Fair will offer a platform for local businesses to gain access to credit facilities through partnerships with banks and microfinance institutions, enabling them to expand operations or improve liquidity.

Networking and Partnership Opportunities

Local businesses will be introduced to potential collaborators, suppliers, and customers, both locally, regional, nationally and internationally, through networking events and the chamber’s wide business network.

Investment and Trade Promotion

The Trade Fair will play a pivotal role in attracting Foreign Direct Investment (FDI) to Bungoma, by promoting local investment opportunities to potential international investors.

At the same time, local businesses will gain exposure to potential investors looking to fund start-ups, SMEs, or large-scale projects.