President Kenyatta plans to elevate Kenya’s manufacturing industry
Following his re-election, President Uhuru Kenyatta of Kenya has announced that he will be prioritising the manufacturing industry during his second term.
As part of his economic agenda, the President plans to open jobs in the sector for young people.
The industry has only contributed 10% gross domestic product (GDP) to the country’s national wealth for the past 10 years, and fell to 9.2% last year year.
It is estimated that the under-performance of manufacturing in Kenya is what led to the country not achieving its annual 10% growth in GDP as part of the Vision 2030 plan.
2010 was Kenya’s best year for overall economy, with GDP rising by 8.4%. Every year since it has not expanded above 6%.
The economy has also been unsuccessful in regards to creating jobs; 89.72% of the 832,900 jobs in 2016 originated from the informal sector, leaving only 85,600 jobs from the formal sector.
“Creating jobs and opportunities for our young population is also a top priority. In this regard, we will target manufacturing. As you know our manufacturing sector is the primary vehicle for the creation of decent jobs,” President Kenyatta stated his inauguration speech.
“Over my term, we will grow and sustain this manufacturing sector, and raise its share of the national cake from nine to 15 per cent.”
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.