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{
    "id": 496609,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/496609/?format=api",
    "text_counter": 116,
    "type": "speech",
    "speaker_name": "Hon. Nyenze",
    "speaker_title": "",
    "speaker": {
        "id": 1987,
        "legal_name": "Francis Mwanzia Nyenze (Deceased)",
        "slug": "francis-mwanzia-nyenze"
    },
    "content": "Hon. Temporary Deputy Speaker, once we come into a monetary union and later on a kind of federal state, there will be free movement of labour and most of these people we are saying are jobless, will get jobs in these countries and will not be required to produce those papers. They will not be restricted. There will be free movement of capital. Kenyans are very enterprising when it comes to business and they should take advantage because this is a bigger pie. So, it is very good and timely for us to support this monetary union. The Committee has done a very good job by comparing the European Union and ECOWAS Union with ours to show how it can work. The biggest economy in the world or the country with the biggest Gross Domestic Product ( GDP) is the United States of America. If you see the gap between the USA and the second biggest economy, which is China, it is like one-half. China is like one-half of United States of America in terms of GDP. You will be surprised now Japan follows in third position. What do they have in common? The countries that have big GDP have also big populations and this is a point to note. Countries that are growing the fastest, for example, the countries that you are calling BRICS, that is Brazil, Russia, India, China and South Africa, if you look at their population apart from South Africa, they have created a big internal market. Once their populations start generating incomes, they are so massive that they grow very fast so long as they have young populations. China has 1.37 billion people and it is the fastest growing economy in the world. If you say that we do not go to this kind of monetary and political union and you remain a small country, however rich you are, you will not make a mark in the globe. Look at Kuwait; it is a rich country by any standard. Their per capita income is very high. Compare it with India which has a big population and a low per capita income. However, when India coughs, everybody listens. So, it is good when you have a big population and a lot of resources put together. You will move together and the world will listen to you. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}