Kenya ranks high in attracting foreign direct investment

Posted on : Wednesday , 8th October 2014

 Kenya ranks among the leading Foreign Direct Investment (FDI) destinations in Africa, the United Nations Conference on Trade and Development Secretary General Mukhisa Kituyi has said. Dr Kituyi said Nigeria and Ethiopia complete the list of the most attractive investments destinations for foreign capital on the continent. Launching the World Investment Report 2014 in Nairobi, Dr Kituyi lauded the increasing FDI movement among African States. " Kenya remains the single most highest Foreign Direct Investor in Uganda and second in Tanzania, said Dr Kituyi.  The report indicates that in East Africa, FDI flows surged by 15 per cent to $6.2 billion (Sh540 billion), driven by rising flows to Kenya and Ethiopia. Kenya is developing as the favoured business hub, not only for oil and gas exploration in the sub-region but also for industrial production and transport. FDI inflows to Africa rose by four per cent to $57 billion (Sh5.002 trillion, driven by international and regional market seeking flows and infrastructure investments. The report notes that intra-regional investments are increasingly led by South African, Kenyan and Nigerian companies.They include the Dangote and Simba Groups of Nigeria which are active in the cement, agriculture and oil-refining industries. Others are Orascom (Egypt) that is active in the building materials and chemicals industries - investing in North African countries while Sameer Group of Kenya is involved in industries that include agriculture, manufacturing, distribution, high-tech, construction, transport and finance.