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Report: Kenya most attractive to investors

19 May 2014, 10:32

Nairobi - Kenya is among a number of countries that are most attractive to foreign investors looking for established economies to expand their operations.

This is according to a new report by Ernst & Young, the global economic and finance think-tank.

According to the report, there was significant movement in the list of top ten countries by foreign direct investments (FDI) projects in 2013.

Ernst & Young stated that only South Africa and Nigeria retained their first and third positions from 2012 with 142 projects and 58 projects, respectively.

However, FDI projects in these countries witnessed a slight decline.

Countries such as Kenya with 68 projects, Ghana with 58 and Mozambique with 33 all moved up the ranks.

Despite growing Chinese investments in Kenya and in the continent at large, the UK has remained to be the lead investor in the country.

The report states that the United Kingdom remains the lead investor into Africa and that intra-African investment has continued to steadily rise.

“Investors are also looking beyond the more established markets of South Africa, Nigeria and Kenya to expand their operations, as well as moving into more consumer-related sectors as Africa’s middle class expands,” states the report.

Ernst & Young further states that there has been a shift by investors from extractive industries towards consumer related sectors.

The report said that during the survey, investors highlighted the rising importance of agriculture which ranked only marginally behind mining and metals.

“Infrastructure is also perceived as a key growth sector as well as consumer-facing industries including financial services, telecommunications and consumer products,” sates the report.

 – CAJ News

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