, NAIROBI, Kenya, Jul 24 – Kenya anticipates to grow its Foreign Direct Investments (FDIs) by 100 percent in 2015 and 2016 owing to the Global Entrepreneurship Summit (GES) set to begin on Saturday in Nairobi.
In an Interview with Capital FM Business, Kenya Investment Authority Managing Director Moses Ikiara says a lot of deals will be struck with international investors, increasing FDIs inflows.
Ikiara said the investors are eager to take up investment opportunities in the country.
Kenya’s Information Communication and Technology (ICT) sector, manufacturing as well as energy are expected to be the biggest beneficiaries.
“This week is just the first tiny step, the bulk of benefits the country will get will be after the summit and going forward, and we are prepared, we have the materials we have polished our systems so that any demand coming out of the summit will be handled,” he said.
Kenya will also be taking advantage of the summit to sell investment opportunities especially in infrastructure.
“We have other events coming up that include World Trade Organisation (WTO) conference, visit of Pope Francis, Africa Travel Association meeting, the International Investment Conference that, all this gives Kenya the chance to market investment opportunities to international investors,” he added.
About 1,400 investors, entrepreneurs and government officials are expected in the country to discuss all matters business.
Kenya’s 2014 Foreign Direct Investment (FDI) inflows hit 97.8 billion, a 95 percent increase from Sh49.9 billion in 2013, according to the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2015.
The same data shows Kenya’s FDI inflows continued to outpace other East African countries that have previously attracted more inflows mainly directed towards the resources extractive sector.
In 2014, total FDI inflows into East Africa stood at Sh672 billion up 11 percent from the previous year.
FDI inflows to Africa as a whole remained stable at Sh5.3 trillion in 2014, with decreases in North Africa being offset by rises in Sub-Saharan Africa.