Uganda leads in attracting foreign investment in East Africa
Kenya, Tanzania and Uganda attracted more than $13.3 billion in foreign direct investment (FDI) in 2022, helping them create thousands of new jobs. The latest investment report by the business consultancy firm Ernst & Young shows that Uganda recorded the highest level of foreign direct investment where it attracted 10.2 billion dollars - the highest in East Africa - and created opportunities of 6,300 jobs . Foreign direct investment in Kenya increased by 117 percent last year, bringing in $2 billion and creating 7,819 jobs, with most of the investment going into the business services, technology, transportation and warehousing sectors. In Tanzania, foreign direct investment rose by 133 percent to reach pre-Covid-19 levels, where there are 21 projects worth 1.3 billion dollars and creating 4,566 jobs . Important investments in Tanzania include that of the Burundi-based Intracom Corporation, which plans to build a $250 million cement plant in Kigoma region to supply cement to the Lake Tanganyika region, which includes Tanzania, Burundi, Rwanda and the Republic of Tanzania. Democratic Congo (DRC). The Kenya Electricity Generating Company (KenGen) also expects to invest in two geothermal power projects in Tanzania . Nairobi Figures for Rwanda, Burundi and South Sudan were not available, but in Ethiopia, foreign direct investment has declined significantly in the past three years. The report said that "Kenya is the country that attracts the most projects in East Africa, while Uganda received the most capital through investment from France in the oil and gas sector ."
