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Kenya to attract 2 bln USD foreign direct investment in 2016: officials

Xinhua, September 12, 2016 Adjust font size:

Kenya is on course to attract 2 billion U.S. dollars in Foreign Direct Investment (FDI) in 2016, officials said on Monday.

Ministry of Industry, Trade and Cooperatives Principal Secretary Julius Korir told Xinhua in Nairobi that the investments will come from across the world, but major sources will be China, India and the European Union.

"The FDI is an indication that Kenya's business reforms are beginning to bear fruit," Korir said during a media sensitization forum for the World Bank's Doing Business in Kenya report 2016.

According to Korir, foreign investors are trickling into Kenya in order to take advantage of Kenya's strategic location.

"We are a gateway to the fast growing East and Central Africa whose consumer purchasing power is increasing due to its expanding middle class," Korir added.

The East African nation is attracting investment into all sectors because of its well diversified economy.

Korir said investments are flowing into heavy industry, textile, agro-business, tourism as well as vehicle assembly.

"We are currently in talks with iron and steel manufacturers who want to establish operations in Kenya in order to serve growing demand for metal products," he said. Endit