This is why foreign investors are fleeing Kenya – Raila
Opposition leader Raila Odinga has claimed that President Wiliam Ruto’s foreign trips will not help woo investors into the country as the business environment is unfavorable.
The Azimio leader termed Ruto’s trips abroad a waste of public resources with no meaning in turning around investors’ confidence.
Raila said on Wednesday that the raft of punitive taxes by Ruto’s administration are the ones behind what he termed as an exodus of investors from Kenya.
He said the trips are counterproductive in attracting foreign investors adding that taxes are scaring away investors.’
‘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 said.
Speaking during an interview with Citizen TV, Raila rubbished Ruto’s trips abroad including the much-publicised US-Kenya business roadshow in September.
Ruto had during the forum held meetings with leaders of top American technology companies and investors in a bid to highlight the business and investment potential in Kenya’s booming tech sector.
According to Raila companies will always do due diligence and background checks on the prevailing business environment before they choose to invest in Kenya.
“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.”
Ruto has been forced to defend his many foreign trips amid criticism saying they are in the best interest of Kenyans.
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He also said he is Kenya’s foremost diplomat.
Speaking at State House during a joint press interview, the President said that despite his many travels he can account for every shilling.
The President said that through his foreign travels, Kenya has benefited from the bilateral deals that have revived stalled projects and given Kenyans jobs.
Ruto admitted that he has travelled more than his predecessor Uhuru Kenyatta and affirmed that it is because of that the country is now stable.
“We have cut by 50 per cent travel and entertainment budget. The figures are on the supplementary budget. That is Sh11 billion saved. Yes, I have traveled more than Uhuru but not as a tourist. I have traveled to sort out the matters of Kenya,” he said.
“Would you rather I sit in Nairobi and Kenya go down or travel and make sure that we have road and other development projects back on course? Bilateral opportunities have helped Kenyans work abroad. I can account for every shilling spent on my travel.”
President Ruto is said to have made about 48 foreign trips over the last 15 months.
An analysis of Controller of Budget reports, since Ruto ascended to power in September last year, shows that the presidency has spent Sh357 million on foreign travel alone.
This is why foreign investors are fleeing Kenya – Raila
