Addis Ababa, Ethiopia (12 May 2023)
Kenya’s direct investment in Ethiopia surpassed Tanzania and Uganda, reaching $440.7 million in 2021, according to the recently released Economic Survey 2023.
The report highlights that although Tanzania was the top investment destination for Kenya at the beginning of 2015, the balance has shifted in favor of Addis Ababa. The direct investment from Kenya in Tanzania stood at $377 million in 2021, while investment in Uganda peaked at $412 million in the same year.
Several Kenyan businesses have entered the Ethiopian market, including Safaricom Telecommunications through its Ethiopian subsidiary. Additionally, KCB Bank, a Kenyan lender, has expressed interest in penetrating the Ethiopian sector and met with representatives of the Ethiopian Investment Commission (EIC) in October 2022.
Source: Kenya National Bureau of Statistics, Business Insider
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