World News | Kenyan trade cabinet Sisi wants China Plaza to stop operating in Kenyan market

Nairobi [Kenya]Chinanews.com, February 28 (Xinhua) According to a report from Kenya’s “People’s Daily”, Moshe Curia, Secretary of the Kenyan Trade, Investment and Industry Cabinet, hopes that China Plaza will stop operating in the Kenyan market.

In a tweet, the Kenyan cabinet secretary said he had made an offer to buy out the lease of the retailer currently operating at the Unicity mall on Thika Road and hand it over to a local businessman.

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Moses Kuria noted that Kenya welcomes Chinese investors as manufacturers rather than traders. He tweeted: “I made an offer today to VC Professor Wainaina at Kenyatta University to buy the lease for China Square, Unicity Mall and hand it over to Gikomba, Nyamakima, Muthurwa l and Eastleigh traders Association. We welcome Chinese investors to Kenya but as manufacturers not traders.”

One-stop shopping mall China Plaza recently opened in Kenya. It has been favored by a variety of Kenyans from urban dwellers and is currently one of the most overwhelmed retailers in Kenya, according to the People’s Daily. Many shoppers said the new center offers a wide range of products and services, including stationery, furniture, home decor, cleaning supplies, hardware stores, electrical appliances and party supplies, NTV Kenya reported.

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Recently, a Hong Kong publication reported that Kenya’s dependence on China has proven to be a painful experience for the former. Kenya’s economic growth depends on China, as the country buys heavily from Beijing to improve its infrastructure and public services. However, this dependence has proven to be a painful experience, according to the Hong Kong Post.

According to news reports, the increase in Kenya’s imports from China can be attributed to the country’s expanding infrastructure as a result of its participation in the Belt and Road Initiative. However, the trade balance is in China’s favor, as Kenya’s imports from China account for 97 percent, while exports to Asian countries account for only about 3 percent.

China has become Kenya’s main bilateral creditor. In addition to imports, the participation of several Chinese companies in infrastructure development projects in Kenya has played an important role in strengthening bilateral cooperation. Among them, there is a Chinese state-owned enterprise called “M/s China Road and Bridge Corporation (CRBC)”.

The company is involved in various infrastructure projects in China. However, it has faced backlash for its corrupt practices and discrimination against locals, according to news reports. The company is building the West Loop project in Kenya, which has been criticized for its high costs and plans to charge Kenyans exorbitant tolls.

Road Bridge expects to receive $977 million worth of dividends and other income from Giant Highway. Kenyans are increasingly concerned about the work ethics, ethics and environmental practices of Chinese companies working in the country, according to the Hong Kong Post. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the body of content may not have been modified or edited by LatestLY staff)