Controversial takeover of China Square at UniCity Mall sparks outrage – find out what the Foreign Affairs Principal Secretary had to say about it!
The controversy surrounding the takeover of China Square retail shop at UniCity Mall in Kenya has taken a new turn. The Principal Secretary of Foreign Affairs, Koriri Singo’oei, has weighed in on the issue, disagreeing with Trade CS Moses Kuria’s proposal to buy out the lease of the chain store from owner Lei Cheng and hand it over to local traders.
Sing’oei has reassured foreign investors that they need not be worried about investing in Kenya, as the country’s investment regime is non-discriminatory and non-arbitrary. He emphasized that no lawful investment actor, regardless of their nationality, should be apprehensive about investing in Kenya.
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Kuria’s proposal sparked mixed reactions from the public and customers, who expressed concerns over exploitation. Many customers who flocked to the mall on Sunday, February 26, were turned away by closed doors and security guards, leaving them frustrated.
Cheng, the owner of China Square, has followed due process in opening the business and is open to discussion with authorities. The chain store has released a statement informing the public that it will remain closed as it re-evaluates its strategies and considers cooperation with local traders.
The controversy has pitted local traders against foreign investors, with some calling for protectionism measures to safeguard local businesses. However, others argue that foreign investment is vital for the growth of the economy.
The management of China Square has cited its competitive prices as the reason for the large number of customers trooping into their mega store. They have, however, acknowledged that they were unable to handle the volume of customers due to limited payment points.
In conclusion, the debate over the China Square takeover is far from over, and it remains to be seen how the authorities will resolve the issue to ensure a win-win situation for all parties involved.
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