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ICT sector leads in new foreign direct investments in Kenya

As Kenya aspires to achieve middle-income status and create jobs, attracting and retaining foreign investors becomes paramount.

Photo credit: File | Nation Media Group

By  Vincent Owino

Business & Technology Reporter

Nation Media Group

Information and communication technology (ICT) recorded the largest increase in capital investment of Sh27.6 billion from foreigners in 2022, partly reflecting the impact of funding local startups.

This saw the stock of foreign direct investment (FDI) liabilities in the ICT sector grow to Sh162.4 billion in the review period from Sh134.8 billion in 2021 according to data from the Kenya National Bureau of Statistics.

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