Foreign investment in Kenya has rocketed, with Sh290 billion ($2.9 billion) worth of investment in 2019 alone, according to a data service that monitors FDI.
The report, in a special supplement in the UK-based Financial Times newspaper said that 2019 “is shaping up to be a blockbuster year for inward investment in Kenya,” so far this year, with 54 projects totaling nearly $3bn.
The FT says that the information comes from FDI Markets, a Financial Times data service that tracks greenfield cross-border investment.
Britain’s Chamber of Commerce says “there are many economic reasons too why investing in Kenya makes sense,” including growth rates of around six percent and “a fully liberalised economy, with free flow of trade, foreign private investment and ease of transferring money outside Kenya.”
The importance of the Kenyan government’s new investment in infrastructure such as the redevelopment of the Northern Corridor and the development of a commuter rail system around Nairobi is also cited as vital.
The UK Chamber of Commerce report also stresses the importance of an “intelligent techno savvy workforce,” an emerging middle class as well as “viable finds of hydrocarbons, as well as enormous renewable energy potential.”
Although China has overtaken the UK in terms of new investment per year, Britain remains the largest cumulative investor in Kenya.