Cooperatives Cabinet Secretary Wycliffe Oparanya announced on Wednesday that his ministry has successfully facilitated 483 Kenyan Micro, Small, and Medium Enterprises (MSMEs) in accessing lucrative multi-billion markets within the East African Community (EAC).

This development was highlighted during the East Africa Community MSMEs Trade Fair, where Oparanya emphasized the importance of such initiatives for enhancing the market presence of Kenyan enterprises.

Oparanya explained that these opportunities will allow Kenyan businesses to tap into a market worth approximately Ksh 44.6 trillion ($305 billion).

He described the annual trade fair as a crucial platform for promoting intra-EAC trade and investment, enabling businesses to network and access vital market information.

“This event has provided an opportunity for 483 Kenyan MSMEs to better understand emerging market dynamics and business practices, facilitating valuable business linkages for increased trade,” Oparanya stated.

With the recent expansion of the EAC, which now includes the Democratic Republic of the Congo (DRC) and Somalia, the market size has grown to encompass 312 million people.

This expansion not only boosts the region’s GDP but also enhances the competitiveness of EAC businesses on a larger scale, particularly with access to the African Continental Free Trade Area (AfCFTA).

Oparanya emphasized that this growth will enable Kenyan companies to innovate and develop new technologies in product design. The EAC market will also provide Kenyans access to high-quality products from other member states.

“It will serve as a platform for showcasing Kenya’s offerings while facilitating trade and business exchanges among participating countries,” he noted.

Additionally, Oparanya revealed that the government is actively working on initiatives to enhance the capabilities of small and medium enterprises.