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 meeting was based on an uproar raised by local traders who accused China Square of unfair competition through selling its products at a cheaper fee.
Photo collage of China Square, a shopping hub inside UniCity Mall, which is owned by Kenyatta University.
KENYATTA UNIVERSITY
“The Ministry is determined to develop a framework for harmonisation 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.
Gakuya disclosed that his Committee will write a report and table it to the House for deliberations and consultations.
However, China Square Director Lei Cheng affirmed that the establishment was not aimed at overpowering local businesses but was a way of creating healthy competition.
“While some traders feel threatened by our presence, we believe that we can coexist with other businesses and offer consumers additional choices and value,” Cheng told the committee.
He added that China Square was bent on offering affordable commodities to citizens and called for the government to review prices downwards.
Source : Kenyans.co.ke
