Ethiopia topples Uganda, Tanzania for Kenya investments abroad
Safaricom CEO Peter Ndegwa speaks during the issuance of the company’s telecommunications operations license in Addis Ababa, Ethiopia. Ethiopia in now the leading destination of Kenya’s investment abroad. PHOTO | FILE | PSCU
Ethiopia has toppled Tanzania and Uganda as the leading destination of Kenya’s investment abroad, buoyed by the expansion of local firms in the giant neighbouring market.
Fresh data shows that Kenya’s direct investment in Ethiopia hit Ksh60.2 billion ($440.7 million) in 2021—surpassing Tanzania and Uganda’s Ksh51.5 billion ($377 million) and Ksh56.3 billion ($412 million), respectively.
