Entry Instance

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

{
    "id": 1508011,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1508011/?format=api",
    "text_counter": 766,
    "type": "speech",
    "speaker_name": "Aldai, UDA",
    "speaker_title": "Hon. Marianne Kitany",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker. I stand to second the report on Unfair Trade Practices that was tabled today. This Report is as a result of a complaint that came from the local traders, mainly from Gikomba, who felt that the investors who have come into the country, specifically China Square, have taken over their businesses. The businesses they were talking about were the small trade businesses. They felt that the country or our policies and regulations should guard and protect them from such investments. We looked at the Report, we talked to all the industry players, including the Ministry, and we realised that most of the laws and legislation that exist today do not bar foreign investors or foreign traders from trading in any commodity or any service within the country. Therefore, that could form a potential risk and loss of business to our local investors. As much as the country may want to have foreign investors, just like many other countries have done, foreign investment could be limited. That is in value of monies that they come with or investments to products or services that are unique. This is so that the local investors and the local businessmen are then given the free hand and the free will to do the local businesses so that the foreign investors do not come in. One of the legal areas that need to be looked into is the Kenya Investment Policy, 2019, because it does not demand that foreign investors coming into the country to register the products or services that they are coming to sell in the country. The law states that they ‘may register’. The word ‘may’ means that when those foreign investors come into the country, there is no requirement for them to go to the Kenya Investment Authority (KenInvest) to register. Therefore, they are not monitored in that respect. That gap in law on non-registration of foreign investors under KenInvest gives our local investors a reason to cry or get worried about competition with foreign investors. This is because many of those foreign investors come with huge investments; thus, displacing the local investors from the market. As a result, that leads to job losses which is not the intention of the Government. The other issue is that the National Investment Council (NIC), which sits at the presidency, needs to prepare annual reports to show where the country is in terms of investments and investment promotions. As a country, we are aware that we are trying to promote investments into this country, especially through our Special Economic Zones (SEZs) and Export Processing Zones (EPZs). If we encourage investments through SEZs and EPZs, we will leave the local market for the local investors. Additionally, if we give incentives to local investors, we will see growth in the local investments."
}