Kenyan companies were among the largest investors into the East African region.
Local companies going regional invested Sh110 billion ($1.1 billion) in
the
neighbouring countries, only trailing what developed countries from
Western Europe, North America as well as Asia pumped into the region in
the course of last year.
According to a new report by Ernst & Young (EY), Kenyan firms
invested the money in 55 projects across the region, which had the
effect of creating 3,100 jobs.
The report notes a rising trend of intra-African investment that is led by South Africa and Kenya.
"Kenya is a major investor into the neighbouring region," said the
Africa Attractiveness report tracking inflows of foreign direct
investment (FDI) on the continent.
"The rising influence of intra-African investment is led by South
Africa, which is a key investor into the rest of the region, ranking
sixth by projects. Kenya follows in seventh spot."
Among the areas that Kenyan companies have invested in is financial services.
The largest investor was the United States which injected Sh780 billion
($7.8 billion) in 109 projects, while China followed with Sh670 billion.
Other top sources of FDI included United Arab Emirates with Sh360
billion, India (Sh200 billion) and United Kingdom (Sh150 billion).
Kenya also stood out among the largest recipients of FDI coming into
Africa. According to the report, foreign investors pumped in Sh200
billion ($2 billion) in 64 projects that are estimated to have created
6,000 jobs in the course of 2018.
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