Media Wire Express Correspondent
Tanzania, Kenya and Uganda attracted over $13.3 billion worth of foreign direct investment (FDI) in 2022, helping them create thousands of new jobs.
The latest investment report by business advisory firm Ernst & Young shows that Uganda recorded a high of $10.2 billion — the highest in East Africa — creating 6,300 jobs.
Investment inflows into Kenya increased by 117 percent year-on-year, bringing in $2 billion in capital investment and generating 7,819 jobs, with most of the investment going into the business services, technology, and transportation and warehousing sectors.
In Tanzania, FDIs rose by 133 percent to reach pre-Covid-19 pandemic levels, with 21 projects worth $1.3 billion and creating 4,566 jobs.
Key investments in Tanzania included those by Burundi-based Intracom, which is planning a $250 million integrated cement plant in the Kigoma region to supply cement to the Lake Tanganyika region, featuring Tanzania, Burundi, Rwanda and the Democratic Republic of Congo (DRC). Kenya’s Electricity Generating Company (KenGen) is also looking to invest in two geothermal drilling projects in Tanzania.
UAE-based Masdar has also signed an agreement with Tanzania Electric Supply Company Ltd (Tanesco) for the development of renewable energy projects with a capacity of two gigawatts (GW).
France was the top investor in the country with two massive investments in the oil and gas sector. The country also saw investments from Kenya in the consumer sector.
Data for Rwanda, Burundi and South Sudan was not available, but in Ethiopia, FDI has declined significantly in the past three years after reaching 34 projects in 2019.
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