Why investors are shunning Kenya for business, Raila
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Raila Odinga says investors are shunning Kenya and instead choosing Uganda and Tanzania for business
Raila Odinga says investors are shunning Kenya and instead choosing Uganda and Tanzania for business.
Azimio leader Raila Odinga has claimed that most investors are contemplating shutting down operations and finding other tax-friendly destinations.
Speaking on Wednesday, December 27, in an interview with Citizen TV, Raila claimed that a number of taxes enforced by President William Ruto’s Kenya Kwanza administration had driven some investors to leave Kenya in search of other safe havens.
Raila pointed out that the current regime’s excessive tax policies are to blame for their drastically reduced profit margins.
“We have created a very unfriendly environment for business; those already in the country are suffering because of high taxation… if the government wants to take everything from you, what is the incentive to do business? People will be looking at tax-friendly destinations,” Raila stated.
Raila added that other foreign businessmen who were eager to set up new bases in the nation have been deterred by the current trend.
He chastised President Ruto, stating that his numerous visits abroad would not resolve the predicament he had caused.
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While defending his argument, Raila noted that most foreign countries consult with other established firms before setting roots in Kenya.
According to Raila, the majority of businesses are currently struggling because of the Kenya Kwanza tax laws.
“You are saying you are traveling around the world to attract investors; no investor will come when those already here are not feeling comfortable,” he said.
“You can make so many trips to the US, to Silicon Valley, but they will ask those American companies which are already here. So, it’s a waste of time and public funds globetrotting hoping you will bring investment here.”
However, Raila noted that Uganda and Tanzania had gained several investors due to Kenya’s stance.
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