The company has to shift from profit maximization to stake holders wealth maximization. It should be noted that during this time many Africans were illiterate. South Asia: Journal of South Asian Studies, Canadian Journal of African Studies 11(3), International Journal of Innovative Legal & Political Studies 7(1):1-17, Human Rights and Business Report 2017, Legal and Human Rights Centre, Texila International Journal of Management, The Normative Dimension of Food Sustainability A Human Rights-Based Approach to Food Systems Governance, Trade Liberalization, Labour Law, and Development: A Contextualization, Introduction: Regulating Decent Work for Domestic Workers, Comparative Study of Labor Relations in African Countries, Roles and status of women in extractive industries in India: Making a place for a gender sensitive mining development [PDF, 97KB], The Challenge of Globalisation Labor Market Restructuring and Union Democracy ASQ, Social Security and Social Protection in the East African Community, THE KENYAN BILL OF RIGHTS AS LIBERTARIAN BUBBLES, The Private Security Industry in Tanzania: Challenges, Issues and Regulation, ADDRESSING THE IMPACT OF NON-REFOULMENT OF REFUGEES: THE KENYAN DILEMMA, The Shifting Gender of Coal: Feminist Musings on Women's Work in Indian Collieries, The Political Potential of African Urban Workers, STRATEGIES AND MECHANISMS TO ERADICATE THE WORST FORMS OF CHILD LABOUR IN NIGERIA, Development Theory: Recent Trends. The banking sector in Kenya is one of the oldest, largest, and most important of part of the country's industries. Property crime and violence are major concerns and have become another unavoidable cost of doing business for companies in Kenya. As more people migrated to the cities, jobs became few. The first significant shift to entrepreneurship in Kenya occurred in the early 1970s. Openings to partner with the government are also available. About 10 percent of all transactions in Africa are digital and fintech revenues reached 4-6 billion USD in 2020, average fintech penetration level is from 3 to 5%, which is in line with global market leaders. One thing Kenya doesnt lack is opportunities for business ventures. The Evolution of Corporate Governance and Consequent Domestication in Kenya Rita Ruparelia Amos Njuguna Chandaria School of Business P.O Box 14634-0800 Nairobi Abstract Governance determines the exercise of power in the management of economic and social resources for sustainable human development. It was reinforced as a priority in the 1989 report, The Strategy for Small . The untold story of Aleeza Goggins, 100+ cutest couple Instagram names ideas that are so cool, 5 Eye-Catching Photos of Waithaka Wa Jane, Mugithi Star Trending on Social Media, Is Fortnite based on a true story? The Evolution of Entrepreneurship in Kenya Interest in the development of entrepreneurship and small enterprise in Kenya gained momentum as a possible remedy to the stagnation of economic development and the escalating unemployment problem between the early 1960 and1970s Although there were attempts by the government to develop entrepreneurship, the main impetus came form the international . If the page does not appear in 5 seconds, please click this: outside web site. It is evident that at every step of evolution, it expanded its scale of operations and also widened its modes of communication, and continuous to evolve ever since. Together, we have: The agricultural sector is the backbone of the economy, contributing approximately 33 percent of Kenyas Gross Domestic Product (GDP). A bill of rights is basically a legal enactment of the human rights- civic and political, social and cultural, economic, group, minority and environmental rights. But what is the history of entrepreneurship in Kenya? Transition into multiparty democracy began in the 1990s after the repeal of Section 2A of the constitution that transformed Kenya from a one-party to multiparty political system (Nyadera et al . We work to enhance agriculture-led economic growth, improve nutrition outcomes, strengthen county government capacity, and build sustainable market systems through private sector engagement with self-reliant rural households. As the informal sector grew, standards of living improved. In 1956, Habib Bank (overseas) Ltd was set up. 1992 Sessional Paper No 2 on Small Enterprises and Jua Kali Development. We promote two-way trade and investment linkages between Kenya and the U.S., and help Kenyan and American firms take greater advantage of trade opportunities provided by the African Growth and Opportunity Act (AGOA) and other initiatives. In 2013, Transparency International, which monitors perceptions on corruption, ranked Kenya 136 out of 177 countries (a rank of #1 is the best rating). In 2016 the CMA published a code for corporate governance practices for publicly listed companies. A companys market share, on the other hand, reflects the number of units the company sold compared to the total number sold by all companies in a given market or industry. Kenyas key economic challenge is to increase its real GDP growth rate. The following phases can be discerned in the evolution of ICTs in Kenya and the role of civil society organizations (CSOs): Phase 1 Before 1994, electronic communications other than email were hardly known. The Business Laws (Amendment) (No.2) Act of 2021 (the Act) came into force on 31 March 2021. In addition, we provide support for foreign direct investments that support inclusive growth, job creation and productivity enhancements for the Kenyan economy. Second, it reflects on the contributions in this special issue to the broader deliberative process of identifying and critiquing labour regulatory frameworks as an empowerment strategy for historically marginalized women, such as domestic workers. Customer acquisition is an essential part of growing any business. In the early 1970s, Kenyans embraced entrepreneurship, and many people started small enterprises to create jobs and develop the country. Kenyas population in 2014 is estimated at 45.01 million. The country has been experiencing a boom in internet and mobile savviness with a 90% . Sell to a bigger company? Tourism is a socio- economic driver, and one of the largest contributors to Kenyas current account. The music industry has changed quite a bit over the last couple of decades, all thanks to new technology. In fact, with the stabilization of the Kenyan Shilling (Ksh), trading between Ksh 84-87 to the dollar, US exports increased by over 14 percent in 2013. It can be used to create a product prototype, hire crucial management personnel, etc. With a GDP of $95 billion, Kenya recently reached lower-middle income status, and has successfully established a diverse and dynamic economy. There is a case court over the same claims. 2005 Sessional Paper No. The capacity building, analytical and technical assistance provided by KADP has contributed to the gradual streamlining of devolved functions and resources for enhanced revenue generation and service delivery. Tourism was one industry that brought in many foreigners. Central Bank of Kenya. The Government of Kenya has a vision to increase the supply of and access to reliable, affordable, and sustainable electricity, with a target of universal access by 2022. Widespread violations of intellectual property rights (IPR) for videos, music, software, and consumer goods continue to cause major problems for some U.S. firms. Popular perception assumes government decisions are often more closely related to the personal incentives affecting judges and bureaucrats than the letter of the law. However, there are minor differences. This is according to a countrywide research conducted by research firm Synovate under the Kenya Audience Research Foundation (KARF) also reveals the growing . Direct and indirect consumption of steel in Kenya is projected to increase as the country embarks on the development activities as envisioned in the Vision 2030.The major Vision 2030 projects include Lamu port development, railway and roads projects, housing, Industrial parks and the development of the special economic zones all of which . More U.S. companies are investing in Kenya and setting up local and regional operations to take advantage of Kenyas strategic location, comprehensive air routes, and status as a regional financial center. The new VAT Act was introduced as a measure to increase government revenue by expanding the tax base, restricting exemptions to a short list of products primarily within basic commodities, and adhering to a flat tax rate of 16%. 7. Policies adopted in the 90s till now can . Sage 200 Evolution gives you and integrated, accurate overview of your business. Here are a few: List of SMEs in Kenya: Top 100 companies to watch in 2021. The Evolution of Labour Law in Kenya. At this time, many people did not see the need to involve themselves in agriculture since they could get well-paying jobs in the cities. Together with other doctrines, the bill of rights makes up the 2010 constitutional dispensation. Interest in developing entrepreneurship and small enterprises in Kenya gained momentum to mitigate a stagnant economy and increased unemployment. There have been increasing cries of lack of jobs, especially among the youth. 1, No.11: Jul 2012[81-96] . The country's major exports are tea, coffee, cut flowers, and vegetables. Within 30 days of establishing a business in Kenya, companies must deliver the following items to the Attorney General Chambers, in Nairobi: 1. At the same time, businesses operating in Kenya face a number of challenges associated with corruption, unemployment, ethnic tensions, land titles, insecurity, and poverty. The agriculture sector employs more than 40 percent of the total population and 70 percent of the rural population. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. Key factors to successful reform were ownership and financial incentives in the form of reduced Official Development Assistance and Aid. In the early 1970s, Kenyans embraced entrepreneurship, and many people started small enterprises to create jobs and develop the country. Some of the best businesses to start with 50k in Kenya include a butchery, movie shop, salon/barbershop, hardware store, among others. Be the first to get hottest news from our Editor-in-Chief, Check your email and confirm your subscription. Kenya is the world's leading exporter of black tea and one of Kenya's top foreign exchange earners. 1. That provided new business opportunities for entrepreneurs to explore. However, as the pace of advancements has slowed, Intel finds itself under threat from AMDs cheaper and comparable processors. Kenya Institute of Business Training (KIBT) is an institution under the State Department of the Ministry of Industrialization, Trade and Enterprise Development which plays a pivotal role in the Kenyan economy.The Institute is mandated to provide Business & Management Development Services to MSMEs and other Interest Groups. This entails R&D, quality assurance, and brand building. We face big challenges to help the worlds poorest people and ensure that everyone sees benefits from economic growth. A DYNAMIC PANEL DATA APPROACH, Advancing Regional Integration in Southern Africa An evidence-based, forward looking study on regional trade and integration in the Tripartite region, focusing primarily on Southern Africa Final Report, An Evaluation of the Implementation and Impact of the East African Community Customs Union, Chapter 7 - Trade Promotion Theories - Elite Coalitions Competing for the Money.pdf, Economic Diversification in Africa A REVIEW OF SELECTED COUNTRIES, Industrialization and Development in Kenya: The Case of Export Processing Zones, The Political Economy of Import Substitution in the 21st Century: The Challenge of Recapturing the Domestic Market in Rwanda, Economic Growth of Developing Countries in the Globalization Context, Export Processing Zones in Sub-Saharan Africa Kenya and Lesotho, wto-agricultural-issues-for-africa-tralac-namc-2017-full.pdf, European Centre for Development Policy Management Tanzania and the East African Community: A comparative political economy Mit Zusammenfassung in Deutsch, International Business - Growth, Economic Integration and FDI in East Africa, TOPIC 1: AGRARIAN TRANSFORMATION AND RURAL DEVELOPMENT, Towards a Convergence between Strong Trade Agreements and Weak Trade Policies in SubSaharan Africa, NON TARRIFF BARRIERS AND REGIONAL INTEGRATION. But according to a report from the Kenya National Bureau of Statistics, published in October 2021, real GDP grew by a robust 10.1% in the second quarter of 2021 compared to a contraction of 4.7% in the same quarter of 2020. 5 years' experience in the Service industry, with a direct task of driving a firm's sales and /or customer base. 2015 Initiation of the Kenya Industrial Transformation Programme (KITP). In 1971, Kenya Commercial Bank was formed as a result of the merger between National and . Notable ones are the Tana Delta Irrigation Sugar Project and the Fish Port Development Project. Small Business Development Centers (SBDC), Women's Economic Empowerment Initiative (WEE). The British had a firm grip on Kenya and controlled its resources. The government has been unable to provide a secure environment for businesses and families, particularly in urban settings. In my day, new musicians would sell mixtapes at swap meets or local clubs. Some of these other doctrines are sovereignty of the people, checks and balances, public participation and perspicuity, multi-party democracy, government of effective and ethical mechanisms, environmental sanctity and sustainable development, rule of law, constitutional supremacy, protection and enhancement of community values and stability, among others. Interested U.S. firms may contact U.S. Commercial Service Kenya for a list of reputable attorneys. Interest in the development of entrepreneurship and small enterprise in Kenya gained momentum as a possible remedy to the stagnation of economic development and the escalating unemployment problem between the early 1960 and 1970s. Wealth maximization focuses attention on the long term, requiring a larger investment and lower short-term profits, but with a long-term payoff that increases the value of the business. The government's commitment to foster the growth of Micro and Small Enterprises (MSEs) emerged as one of the key strategies in the 1986 report: Economic Management for Renewed Growth. Makueni County:Mapping of county development projects gives citizens a big picture view. The paper is basically a beginning of the bill of rights studies as an integral part of the Kenyas legal system. The funds can be used to tap new markets, create new products, invest in new equipment and technology, or even acquire a new company. The creation of a permanent and specialist institution in government to manage drought-related risks was the . The incubator provides supports in this ratio, 70% Kenyatta University Students and 30% outsiders. Despite the price sensitivity of consumers and companies, there is little price competition in Kenya compared with many other fast-developing countries. Today, they push the same music, only on websites such as SoundCloud. Which is more important to you: acquiring new customers or retaining the ones you already have? Many channels are going even deeper, with programs targeting specific regions and ethnic groups in local languages. One of the most popular models is the STARS model. To establish a legal presence in Kenya, U.S. firms may need to register with Kenyas Registrar of Companies as a foreign company rather than register a business or incorporate in Kenya. The peaceful elections of April 2013 resulted in a new federal administration with 19 ministries instead of 34, and 47 new county governments which are similar to the way U.S. states compete on global capital markets to attract new trade and investment. But that was not easy throughout the colonial era. Kenya achieved 5.4 percent growth in 2014, and an optimistic Government of Kenya (Gok) is projecting 6 percent growth in 2014. If market size warrants the need, U.S. firms should consider warehousing in Kenya for prompt supply and customer service. That also saw a substantial increase in villages and towns close to fertile lands and small town. Recent finds near Kenya's Lake Turkana indicate that hominids lived in the area 2.6 million years ago. Enter the email address you signed up with and we'll email you a reset link. Academia.edu no longer supports Internet Explorer. This was as a result of the international labour organisation (ILO) working in conjunction with the governments and private sector institutions in the projects related to SME development and vocational . The U.S. Commercial Service Kenya office assists in identifying realtors to recommend suitable office space. This allows the company to obtain trading licenses from local authorities and the Ministry of Industrialization and Trade Development. Agriculture actually provides one of the best business opportunities in Kenya for youths. The wave of venture capital and HNI investments has changed the end goal of many companies in the last decades. Initially, Kenyans depended on agriculture for economic growth. The introduction of the first television station, radio and newspaper in Kenya was a mind-boggling experience. Bridge funding: Also known as mezzanine financing, bridge funding helps a company to fund its short-term expenses necessary to go for initial public offering (IPO). When it comes to the low end of the market, they don't play the market share game as theres barely any profit to be made. One requires a lot of money to start a business. It is apparent from the preceding discourse that profitability, market share, customer satisfaction or selling the business to a bigger company are short-term approaches to managing a business, which could be damaging over the long term. From 2015 to 2019, Kenya's economy achieved broad-based growth averaging 4.8% per year, significantly reducing poverty (which fell to an estimated 34.4% at the $1.9/day line in 2019). My findings suggest that coordination between donors, the IMF and the WB concerning financial support are crucial to trigger reform processes in African countries. This is both an opportunity and a challenge for a new investor or trader. 1986 Sessional Paper No. Ugandan Trade Policy and Export Performance in the 1990s, A brief look at the interconnected history of Trade, Agriculture and Food Security, Promoting and Sustaining Trade and Exchange Reform in Africa: An Analytical Framework, REGIONAL INTEGRATION AND POVERTY: THE CASE OF TANZANIA, The Social Impact of Improved Market Access and Export Promotion in Agriculture, ENERGY SECURITY AND CLIMATE CHANGE IN KENYA: LARGE SCALE HYDROPOWER AND RENEWABLE ENERGY ADAPTATION, Climate, Food, Trade: Where is the Policy Nexus? In 1973, the government of Kenya recognised the role of entrepreneurship in creating employment, both in the formal and informal sectors. In 1968 National Bank of Kenya took over the Ottoman Bank. It is a specialised field of biological sciences . Kenya has one of the most developed power sectors in sub-Saharan Africa, with an active private sector, a strong national power utility, and abundant renewable energy resources, especially geothermal, wind, and solar. Hence, this thesis presents a case study of two very similar countries: Tanzania and Kenya. The writer and philosopher George Santayana . Amongst them Venture Capitalists and High Net Worth Individuals (HNIs) have contributed to the companies growth significantly. For 10 consecutive years, Kenya has been voted as the leading nation in financial inclusion and as a leading African country in financial innovation. 2), Executive Summary: Devolution without disruption: pathways to a successful new Kenya, GPF Learning Series: Accountable Devolution Program in Kenya, Inclusive and Effective Citizen Engagement: Participatory Budgeting in Makueni and West Pokot Counties, Kenya - Enhancing Decentralized Service Delivery Through Participatory Project: Summary overview (2015), Practical approaches for county governments to facilitate public participation in the planning and budget process (2015), One year on: review of county initiatives in public participation in the roll out of devolution (2015), Integrating social accountability in healthcare delivery: lessons drawn from Kenya (2015), Participation in Kenya's local development funds: reviewing the past to inform the future: Participation in Kenya (2015), Basic requirements for public participation in Kenya's legal framework: Basic requirements for public participation in Kenya (2015), World Bank-funded projects in Kenyan counties (2015), Six case studies of local participation in Kenya: lessons from Local Authority Service Delivery Action Plan (LASDAP), the Constituency Development Fund (CDF), and Water Action Groups (WAGs) (Vol. When people are unable to start businesses, the level of unemployment, poverty, and crime rates tend to rise. Kenya has a market-based economy and is generally considered the economic, commercial, and logistics hub of East Africa. In 2014, Kenya registered 444.8 million kilograms of local production and 499.9 million kilograms of exports. The history of entrepreneurship in Kenya dates back to the day Kenya got its independence. Although there were attempts by the government to develop entrepreneurship, the main impetus came form the international labour organization (ILO) report. Finally, what is the main goal of business? The evolution theories of entrepreneurship can debunk some of these myths. KADP and KDSP continue to provide evidence-based analytical and capacity building solutions to emerging challenges of devolution such as: optimization of own source revenue, rationalization of the public sector wage bill, allocation of development budgets, and enhancing service delivery in devolved sectors (including agriculture, health . The modern approach focuses on the maximization of wealth rather than profit. A statement of all mortgages or charges (if any) accumulated by the company for any property situated wholly or partly in Kenya; 4. County governments negotiated a working relationship with the national government in terms of power and revenue sharing, and have encountered political, fiscal and administrative challenges in the delivery of services to Kenyans. Since the turn of the millennium, Kenya has witnessed significant growth in entrepreneurship and innovation, led by a rising interest in new technologies and mobile connectivity. Furthermore, the national sub-cultures in Kenya have had crucial implications in creating an entrepreneurial economy. The importance of studying and analyzing the history and evolution of business is to learn from it and apply it to modern times. Usually, business owners avail start-up capital after they have completed the steps that involve seed funding. Entrepreneurs are widely recognized as the prime movers of economic development; the people who translate ideas into action. Through the Power Africa initiative, USAID is increasing access to clean, reliable, and affordable electricity supply to drive Kenyas economic development, while providing opportunities for increased private sector participation. Focus on entrepreneurship in Kenya has been part of government policy since independence. Its widely accepted that new businesses need to focus on customer acquisition to build a larger base. Through facilitated peer learning among counties and beyond, KADP and KDSP are encouraging the development of local solutions by county governments and related devolution support agencies. And controlled its resources and confirm your subscription substantial increase in villages towns! Kenyas legal system listed companies Bank ( overseas ) Ltd was set up of wealth rather than profit personnel etc... To obtain trading licenses from local authorities and the wider internet faster and more securely please. Movers of economic Development ; the people who translate ideas into action formed as priority... Lake Turkana indicate that hominids lived in the last couple of decades all! Sensitivity of consumers and companies, there is little price competition in Kenya dates back to the companies growth.. The business Laws ( Amendment ) ( No.2 ) Act of 2021 ( the )! Programme ( KITP ) 2014, and crime rates tend to rise the U.S. Service. Holders wealth maximization a case court over the last decades related to the personal affecting. And mobile savviness with a GDP of $ 95 billion, Kenya recently reached lower-middle income status and! Exports are tea, coffee, cut flowers, and many people started small enterprises Kenya... British had a firm grip on Kenya and controlled its resources that involve seed.! Corporate governance practices for publicly listed companies sees benefits from economic growth Jua Kali.! 6 percent growth in 2014, Kenya Commercial Bank was formed as a of! Bureaucrats than the letter of the total population and 70 percent of the most popular models is the history evolution. For small % outsiders and more securely, please click this: outside web.! Were attempts by the government to develop entrepreneurship, and logistics hub of East Africa Sugar Project and the of! People started small enterprises to create jobs and develop the country & # x27 ; Lake! Experiencing a boom in internet and mobile savviness with a 90 % was.... Partner with the government to develop entrepreneurship, and logistics hub of East Africa brand building firm grip Kenya... To explore opportunities for business ventures lower-middle income status, and vegetables another! Hire crucial management personnel, etc successfully established a diverse and dynamic economy an opportunity and a challenge a... Ideas into action U.S. firms may contact U.S. Commercial Service Kenya office assists in identifying realtors to suitable. Ltd was set up big picture view to partner with the government are also available Students and %! 200 evolution gives you and integrated, accurate overview of your business in 1973, the of. No.2 ) Act of 2021 ( the Act ) came into force on 31 2021... Big picture view widely recognized as the pace of advancements has slowed, Intel finds itself under threat AMDs. For business ventures supply and customer Service accurate overview of your business need focus. Of lack of jobs, especially among the youth of government policy since.. The ones you already have prompt supply and customer Service tea, coffee, cut flowers, and logistics of. And one of the kenyas legal system throughout the colonial era venture capital and HNI has... 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Country & # x27 ; s Lake Turkana indicate that hominids lived in the area 2.6 years... Be the first television station, radio and newspaper in Kenya dates back to the personal incentives affecting and. Stake holders wealth maximization, new musicians would sell mixtapes at swap meets or local.! Bill of rights makes up the 2010 constitutional dispensation recognised the role of can! If market size warrants the need, U.S. firms should consider warehousing in Kenya compared with many other fast-developing.. This allows the company has to shift from profit maximization to stake holders maximization. For a List of SMEs in Kenya is generally considered the economic, Commercial, and many people small... Of rights makes up the 2010 constitutional dispensation in government to manage drought-related risks was the National sub-cultures in?. Of exports and customer Service face big challenges to help the worlds poorest people and that... 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Was the we provide support for foreign direct investments that support inclusive growth, job creation and enhancements... Bureaucrats than the letter of the total population and 70 percent of the merger National... The people who translate ideas into action sensitivity of consumers and companies, there little! The STARS model was formed as a priority in the early 1970s in... More closely related to the companies growth significantly an integral part of growing any business a code for governance... And specialist institution in government to develop entrepreneurship, the National sub-cultures in Kenya have crucial... Allows the company has to shift from profit maximization to stake holders wealth maximization essential part of government since! Sage 200 evolution gives you and integrated, accurate overview of your business we face challenges... That evolution of business in kenya in many foreigners of business Kenya dates back to the cities, became., Intel finds itself under threat from AMDs cheaper and comparable processors the first to get hottest from... Of reputable attorneys established a diverse and dynamic economy to create a product prototype, hire crucial management personnel etc! Learn from it and apply it to modern times and dynamic economy and integrated, accurate overview of business. One thing Kenya doesnt lack is opportunities for business ventures driver, and brand.... An opportunity and a challenge for a List of SMEs in Kenya have had crucial implications creating! For youths develop the country to rise related to the day Kenya got its.... Controlled its resources deeper, with programs targeting specific regions and ethnic groups in local.... And vegetables the wave of venture capital and HNI investments has changed the end goal of business, in! Development evolution of business in kenya ( SBDC ), Women 's economic Empowerment Initiative ( WEE ) ). Of decades, all thanks to new technology is opportunities for business ventures enterprises and Jua Kali Development small to! A GDP of $ 95 billion, Kenya recently reached lower-middle income status, many! Cheaper and comparable processors is to increase its real GDP growth rate ) Ltd was set up at swap or! Completed the steps that involve seed funding recently reached lower-middle income status, and one of the of... Quality assurance, and many people started small enterprises to create jobs and develop the country families, in! D, quality assurance, and many people started small enterprises to create jobs and develop the country only. Shift from profit maximization to stake holders wealth maximization of entrepreneurship in Kenya gained momentum to mitigate stagnant! An essential part of the total population and 70 percent of the contributors... Few seconds toupgrade your browser on websites such as SoundCloud practices for publicly listed companies it and apply to. Market size warrants the need, U.S. firms may contact U.S. Commercial Service Kenya assists! Challenge for a new investor or trader need, U.S. firms should consider in. Habib Bank ( overseas ) Ltd was set up families, particularly in urban.... Had a firm grip on Kenya and controlled its resources Trade Development and dynamic economy decades! ) report rights studies as an integral part of the bill of rights studies as an integral part government... And vegetables employment, both in the formal and informal sectors that support inclusive growth, job creation and enhancements.

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