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Thursday March 16, 2023 – Trade Cabinet Secretary Moses Kuria has moved to tame foreign businesses in Kenya after the China Square saga which saw Kenyans go to the streets to protest the hostile takeover of small businesses by the Chinese.
This is after he initiated a bill geared towards addressing a lacuna created by the repeal of some Acts of Parliament.
While appearing before the National Assembly’s Trade, Industry and Cooperatives Committee, the PS for the State Department of Investment Promotion, Abubakar Hassan, his counterpart from Trade and Industry Alfred K’Ombundo, stated that the Trade Development Bill addresses contemporary and emerging issues in the sector.
Also appearing before the committee was China Square’s management, which sought to partner with the government to create a conducive working environment.
“The Ministry is determined to develop a framework for harmonization of trade licensing in Kenya as a joint initiative between the National and County government and a review of the Kenya Consumer Protection Act to align it with current constitutional requirements to address market and consumer dynamics,” Alfred K’Ombund stated.
On the other hand, Abubakar added that there were plans to establish a National Investment Promotion Coordination Framework (NIPCF) to streamline Investment Promotion initiatives across the country.
According to the PS, creating the framework was critical since China Square was not a member of the Chinese Business Council of Kenya.
Furthermore, the committee’s chairperson James Mwangi Gakuya emphasised that the committee will protect local traders and investors who align themselves with the country’s business regulations.
Additionally, the committee reiterated that China Square was only mandated to venture into wholesale or manufacturing while leaving the retail business to the local traders.
The Kenyan DAILY POST
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