Speaking during an interview with Capital in the Morning on Tuesday, Quest stated that the standards for international investment are quite high and strict/CFM NEWS
NAIROBI, Kenya, Oct 23 – CNN’s business Anchor and reporter Richard Quest says Kenya needs to intensify the war against graft if it wants to make in roads in the international market.
Speaking during an interview with Capital in the Morning on Tuesday, Quest stated that the standards for international investment are quite high and strict.
He pointed out that everyone needs to conform to the Foreign Corrupt Practices Act to be able to invest in any venture internationally.
“if you want to go and raise money on the international markets or you want Venture Capital and Private Equity from outside to come in, these days the days when people would look the other way to corruption, bribery, fraud and mismanagement have gone,” he said.
“International companies will not invest unless you conform to the Bribery Act, or the Foreign Corrupt Practices Act or any of these other foreign laws,” he stated.
He further indicated that all business ventures further need to be transparent and ensure that their books are clean.
“In most businesses in Europe, the vast majority it is about governance. If you are talking about a business, whether it is large or small, whether it is a corner shop or a mining company, if it is It is about making sure there is transparency in your transactions. It is about making sure your accounts are true and fair,” he said.
‘It is about doing business in an honest and fair fashion and that is where government and companies come together.”
He further lauded Kenya for offering a conducive environment for entrepreneurs but warned that elections pose a major challenge.
He criticized the country’s political sphere saying issues such as violence that often follows election ns greatly affects business. “Kenya is a wonderful place to do business up until there is an election.”
Quest encouraged Kenyans to take advantage of the vibrant economy noting that there are many investors from around the willing to boost viable business ideas.
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