Kenyan President Uhuru Kenyatta on Thursday said his government will work closely with the private to grow the economy despite internal and external challenges.

Kenyatta said increased involvement of private companies in improving the volume and value of economic activity in the country would boost ongoing efforts to foster rapid development.

"These actions will improve trust in the public institutions that we represent; and which, in turn, we expect to outlive us and become our legacy," he said when he officially opened PricewaterhouseCoopers' (PwC) new ultra-modern office complex in Nairobi.

He said over the last four years Kenya has managed to maintain its economic growth at about 5 percent per year due to resilience, noting that inflation has been contained within the single digit range and the shilling stabilized at a rate that is fairly competitive.

"These achievements are the fruit of sound economic policies and appropriate structural reforms, which we have been implementing over the last twelve years or so," he said.

His remarks come after the World Bank estimated the country's economy to grow at 5 percent in 2013. In its latest economic analysis, the WB said the growth rate, supported by consumption and investment, is higher than the 4.6 percent recorded in 2012.

Although Kenya has a history of low growth during election years, the economy remained stable after the March 2013 general election. A strong macroeconomic foundation and structural reforms will be some of the key drivers of performance.

Kenyatta said recent achievements have enhanced Kenya's reputation in the eyes of the international community, making it one of Africa's countries on the verge of transition to emerging- market status.

He assured that his administration will continue to strengthen public financial management and improve the business environment to enhance the country's competitiveness and capacity to mobilize financial resources.

The president said already the government has invested in priority areas of infrastructure including roads, ports, water, and energy generation and transmission.

He said there have been investments also in security, health and education as well as adopting a social protection program to take care of the elderly members of the society.

"More importantly, the ICT sector is fuelling innovation, e- commerce, outsourcing and services expansion and penetration," he said, pledging to strengthen the rule of law, improve its enforcement and enhance governance.

Kenyatta emphasized that the youth and the upcoming generation of students must have role models in business and in government, who demonstrate the virtues of respect, diligence, honesty and fairness.

The president expressed confidence that private companies like PwC will forge strong partnerships with the government to achieve the country's socio-economic transformation agenda.

"Let me reiterate the point I made earlier, that the road to middle-income status is not one that the government can travel alone. The private sector will be our companion, as it has been in the past," he said.

President Kenyatta said the setting up of regional headquarters in Nairobi by many multinational corporations was a clear vote of confidence in Kenya and symbolic of the positive direction East Africa is heading.