Chamber President Ngatia urges formulation of comprehensive policy framework supportive to local and foreign investors
Kenya National Chamber of Commerce and Industry (KNCCI) President Richard Ngatia has urged Parliament to draft a comprehensive policy framework supportive to both local and foreign investors to help them stay afloat, after devastating effects of the COVID-19 pandemic.
Appearing before the National Assembly Health Committee, the chamber boss pleaded with the legislators to ensure that local entrepreneurs are always given the priority in any business venture spearheaded or launched by the government.
He emphasized that transparency in business management is key at all times, particularly now when the country is experiencing a major economic meltdown occasioned by the coronavirus pandemic.
“I am seeking the protection of Parliament for the private sector today. Any foreign country will not be willing at the moment to come and invest in the country,” he said.
He briefed the committee on the progress of KNCCI’s engagement with the Kenya Medical Supplies Authority (KEMSA) in the supply of re-usable face masks to be distributed for free to most vulnerable in the society.
Under the Sh300million worth of contract where KNCCI will lead Small and Medium Enterprises at the grass root level, the Ministry of Health (MoH) tapped the chamber as the lead entity to facilitate the production through local industries.
Ngatia said the move will ensure resumption of businesses and cash flow as a measure to revive the economy.
He also commended President Uhuru Kenyatta’s administration for the post-Covid-19 economic recovery measures already instituted to cushion local investors from absolute closures.
However, he warned that negative and false reporting was driving investors away and that the continued trend of painting private businesses as corrupt was scaring investors away.
“In Rwanda, Uganda and Nigeria businesses are doing well because politicians and the media houses do not interfere with businesses because their involvement risks chasing investors away,” he said.