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By:
JAMES KARIUKI | |||||||||
| Posted:
May,05-2017 13:34:17
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Consultancy EY has named Kenya as 2017’s second-most attractive investment destination behind Morocco despite last year's poor performance where foreign direct investments (FDIs) dropped by 57.9 per cent.
EY's Africa Attractiveness Index 2017 (AAI 2017) showed Kenya scored highly in the long-term outlook in governance and human development (16 out of 20), Economic diversification (10 out of 20), infrastructure and logistics (16 out of 20) and improved business environment rating that stood at 10 out of 20.
"Kenya, which is East Africa's anchor economy (and SSA's fourth largest), saw investment flag in 2016 after a bumper year in 2015. FDI projects were down 57.9 per cent, while capital investment declined by 55.5 per cent. But on a longer-term perspective, FDI flows into Kenya has tended to ebb and flow year-on-year," it said.
The report blames Kenya's poor show in 2016 to ongoing uncertainty over Britain's planned exit from the European Union, which saw British companies reduce investment in Kenya.
"Our confidence in Kenya's investment prospects remains firm, underscored by the country's strong ranking as the second-most attractive FDI destination in 2017," it says.
Kenya had a strong 2015, mainly driven by a surge in projects from the UK. These slowed in 2016.
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