Research and Development Key to Unleash Economic Potential

The government will support Research and Development by incentivizing the private sector to finance Research and Development across various sectors of the economy, Economic Planning Principal Secretary James Muhati has said.

In a speech read on his behalf by Economic Planning Secretary Timothy Gakuu during a Public Lecture, the Principal Secretary said that the Fourth Medium-Term Plan (MTP IV) aims to increase research funding as a percentage of Gross Domestic Product (GDP) from the current 0.8 percent to 2 per cent over the Medium Term.

The Public Lecture, organized by Karatina University and the Copenhagen Consensus Centre, took place at Safari Park Hotel in Nairobi on 28th May 2024.

Themed ‘Setting National Priorities – More Money or More Value for Money,’ it brought together policy makers, researchers, and development partners to share ideas on how to identify and implement national development projects with the highest social return on investment.

“This engagement will lead to the identification of catalytic actions and investments which can accelerate the achievement of inclusive and sustainable economic growth in the country,” PS Muhati said, adding that the attainment of Low Middle-Income status is one of the achievements made so far under the Kenya Vision 2030.

The Principal Secretary, however, noted that the economy continues to grapple with numerous challenges from widening inequality and low productivity to susceptibility to economic shocks.

PS Muhati said that these challenges demand urgent and resolute interventions to regain lost ground while aligning priorities with national aspirations.

“This will be achieved through bringing down the cost of living by lowering the annual inflation rate to 5 per cent, eradicating hunger, creating 1.2 million jobs annually, and expanding the tax revenue base,” PS Muhati said.

Higher Education Principal Secretary Dr. Beatrice Inyangala urged academics to design research programs that would have more impact on people.

In attendance were Copenhagen Consensus Centre President Dr. Bjorn Lomborg, Directors of Planning Dr. Justus Makau, Leah Chirchir, Benson Kiriga, Festus Wangwe, Ezekiel Manyara and Karatina University Council among others.