Former Prime Minister and African Union High representative for infrastructure development in Africa, Raila Odinga has called for regulations to protect local start-ups businesses.
Speaking during the launch of operations in Kenya by UAE-based business intelligence and investment firm Investera, he also said that the country must review and come up with laws and policies that adequately regulate entry of foreign investments, terms of condition and operations.
“It is a good platform. However, we need to protect the innovation of our young people even with these linkages,” he said.
He commended foreign investors who come with capital and technology to partner with the local people.
However, he expressed concern 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’ and once they do, they repatriate the profits to pay the dividends to the shareholders back home.
Businessman Jimi Wanjigi who also graced the event said that Kenya had suffered from an intellectual brain drain for too long and that it was time to create an environment that favors equity between those who develop ideas and innovation and those that invest.
“We must start talking about our local people, our local brands and it must not be taken away from us anymore. This is our time. We must stop this drain, and we must stop it now. This is the liberation we seek.” he added.
Wanjigi noted that in other countries this is done through the law, some up to 51 per cent, no matter how much money a foreign investor chooses to put on the table.
Additionally, he said that Kenya will attain economic liberation by ring-fencing intellectual wealth through the creation of a regulatory environment that protects local investors.
Investera Plus is a platform that will guide investors seeking to invest on the continent about the most profitable and sustainable sectors to invest money in.
It will also provide industry insights, conduct market research, and gather smart and timely business intelligence to guide investment decisions.
Additionally, the platform will link venture capitalists to promising start-ups and entrepreneurs, and expose young innovators to companies, investors, and individuals keen on turning their dreams into profitable realities.
Investera Plus will offer a one-stop network for companies, high net worth individuals, philanthropists, young and established entrepreneurs, industrialists and regulators covering all the 55 countries on the continent.