I REFER to the letter by Dr Thomas Vinit “Support Kondra’s bill” (The National, Sept 28).
I find the writer emotional and oblivious to the adverse long-term implications if the bill becomes a law.
Many people who share similar view need to be enlightened.
This bill is an “ambitious bill” from an equally ambitious but naïve politician.
I don’t see it as truly nationalistic but an ill-conceived and poorly researched bill that does not comprehend the potential negative effects that such a law will have on our economy and society.
There are strong arguments why such a bill, if it becomes law, would be detrimental to our economic and social well-being, and they have been pointed out by other writers to this column.
I have a question for aspiring resource owners (and the writer).
I do understand your desire for ownership, but how can you possibly claim to own something that you have never known to exist such as a gas/oil reservoir or gold/copper deposit 200m below the surface of the earth?
You have never had any clue that such riches exist beneath the very land you dwell on until it is discovered by the investors (whom you seem to despise).
These investors spend huge amounts of money and resources in trying to find natural resources in the hope that they can make a profit one day when they do make a discovery.
This is a very high risk business and there are no guarantees that the investors will make any discoveries and get any returns for their investments.
If (and when) the investors are fortunate enough to make a discovery, they want to maximise any and all returns from their investments.
Thus, before deciding to invest anywhere in the world, they take into consideration factors such as economic conditions, government stability, social issues, tax regimes and other relevant laws of the countries they want to invest in.
And this is where I think the proposed bill by North Fly MP Boka Kondra will be seen as a major disincentive as it would hinder many potential investors.