Former Prime Minister Raila Odinga says the country must review and come up with laws and policies that adequately regulate entry of foreign investments, terms of condition and operations.
Speaking during the launch of operations in Kenya by UAE-based business intelligence and investment firm Investera, Raila acknowledged that foreign investors are good because they come with capital and technology to partner with the local people.
The ODM leader expressed concern, however, that some foreign companies do not come to invest in the country to develop the country and help the people, but instead ‘to make money’. He says once they make the money, they repatriate the profits to pay the dividends to the shareholders back home.
“They come because of opportunities. When offered opportunities let them come. Let them make profits. But not at the expense of our people.” Raila charged.
He said there must be certain regulations which will protect the interests of the Kenyan people, ‘so that our people do not just become vehicles to be used to create a monopoly around here and then in the end the profits are repatriated,”
He gave an example of U.A.E, where he says there are laws that anyone who wants invest there must find a local partner who is a local citizen who owns 51 percent of the shares while the foreign investor gets the other 49 percent.
“Why don’t we also come up with such regulations so as to protect the interests of our people.” He asked
Raila said Kenya is blessed with so many young people who are capable, and who are can make inventions. He cited his role in industrialization having started a company that manufactures LPG cylinders to oil companies in Kenya against all odds.
“I started the enterprise which many people did not believe can be done by Africans…I know what is possible in our country….we don’t want our people to become horses after they struggle to generate ideas.” He charged