Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 1508005,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1508005/?format=api",
    "text_counter": 760,
    "type": "speech",
    "speaker_name": "Embakasi North, UDA",
    "speaker_title": "Hon. James Gakuya",
    "speaker": null,
    "content": " Hon. Temporary Speaker, the Committee held meetings with various institutions and Government departments including the Ministry of Investment, Trade and Industry, the State Department for Investment Promotion, China Square Retail Company, Anti-Counterfeit Authority and local traders. China Square is a retail company which commenced operations in Kenya on 29th January 2023. The company deals in basic consumer goods, household items and hardware, furniture et cetera (etc), which are imported from China, Turkey and other parts of the world, as well as sale of locally manufactured brands. The genesis of this inquiry is from complaints by local traders, who felt that China Square was engaged in under-cutting trading and, as such, creating unfair competition in the Kenyan market. This posed a risk for foreign investments threatening local traders to close shop as a result of unfair trade practices. The Report is structured as follows, for the benefit of Members who are perusing through. 1. Terms of Reference. 2. Submission from witnesses. 3. Issues for determination. 4. Committee observations and recommendations. The Committee made the following key findings and observations. There was no evidence submitted by the Ministry of Investment, Trade and Industry that showed the engagement with both local traders and representatives of the Chinese Business Community as well as the Chinese Embassy to discuss and agree on modalities to ensure that the interests of both local and foreign investors are protected to balance both domestic and foreign direct investment. Although the Kenya Investment Policy 2019 provides the framework for promotion, facilitation and protection of both domestic and foreign investment in Kenya, the existence of the Counter Investment Policy 2018, in addition to the Kenya Investment Policy 2019, may confuse investors if there is no coordination framework for development and implementation of the policies. There is need for Kenya to develop and adopt a coordination framework for development and implementation of policies and litigation that promotes, facilitates and/or regulates investment at both national and county levels. The gap in law is that the registration of foreign investors under the Investment Promotion Act is not mandatory. Section 3(1) provides that a foreign investor who intends to invest in Kenya may apply to the authority for the investment certificate. The Committee made the following key recommendations. The Cabinet Secretary in charge of the Ministry of Investment, Trade and Industry in coordination with the Council of Governors, within 60 days of the adoption of the Report, is to develop and adopt a coordination framework for development and implementation of investment policies that mirror the two levels of government. Parliament, in exercising its legislative authority, to review the provisions of Section 3 (1) of the Investment Promotion Act that provides for mandatory requirements for a foreign investor to apply an investment"
}