Editor,I wish to react to a story published in the Business Magazine of The New Times on May 22 under the title, “Local contractors claim share on deals to foreign firms.” This is indeed a serious issue that needs urgent attention and remedy. It is incomprehensible how a foreign company can be given a deal worth, for instance US$10 million, without any preconditions designed to ensure that part of that money remains in the country. As a result, the foreign contractor virtually expatriates the entire amount, which is simply unbelievable.In my view, the government should condition foreign firms to partner with local firms and set a threshold of say 30 per cent of the total amount. Once local companies partner with bigger, foreign firms, the former will not only be in position to make money as well (which directly impacts the economy), but will also acquire the necessary experience and expertise in the process.This is something the government should address as soon as possible. If need be, it could also be put in the law. That way local firms, especially those involved in key sectors, will have a chance to grow faster, thus boosting the local economy.Valens H
