{"id":11066,"date":"2023-12-28T18:09:02","date_gmt":"2023-12-28T18:09:02","guid":{"rendered":"https:\/\/ugandaupdatenews.com\/?p=11066"},"modified":"2023-12-28T18:09:07","modified_gmt":"2023-12-28T18:09:07","slug":"uganda-now-topples-kenya-tanzania-in-race-for-investments","status":"publish","type":"post","link":"https:\/\/prowebinhost.com\/anzu\/uganda-now-topples-kenya-tanzania-in-race-for-investments\/","title":{"rendered":"Uganda Now Topples Kenya, Tanzania In Race For Investments"},"content":{"rendered":"\n

By Our Reporters<\/strong><\/p>\n\n\n

\u00b7\u00a0 \u00a0<\/span><\/span><\/span>Uganda got the largest share with $10.2 billion in FDI , created 6,300 jobs<\/strong><\/p>\n

<\/p>\n

\u00b7\u00a0 \u00a0<\/span><\/span><\/span>Kenya remained by far the largest destination in East Africa when measured by number
of projects\u00a0<\/b><\/p>\n

Uganda has beaten\u00a0 neighbor Kenya and Tanzania by receiving \u00a0the highest amount of Foreign Direct Investments (FDI).\u00a0<\/p>\n

With the Global North closing its doors on Uganda because of its stand against the promotion of Homosexuality and passing the Anti Homosexual Law, government led by President Yoweri Museveni has had to look elsewhere to bring the much needed investments for economic growth and national development .<\/p>\n

Much of Uganda\u2019s FDI is coming from France , the Arab world ,Asia and within Africa.<\/p>\n

\u00a0Uganda ,Kenya and Tanzania attracted over $13.3 billion worth of foreign direct investment (FDI) in 2022, helping them create thousands of new jobs.<\/p>\n

The latest investment report by business advisory firm Ernst & Young shows that Uganda recorded a high of $10.2 billion \u2014 the highest in East Africa \u2014 creating 6,300 jobs.<\/p>\n

Investment inflows into Kenya increased by 117 percent year-on-year, bringing in $2 billion in capital investment and generating 7,819 jobs, with most of the investment going into the business services, technology, and transportation and warehousing sectors.<\/p>\n

In Tanzania, FDIs rose by 133 percent to reach pre-Covid-19 pandemic levels, with 21 projects worth $1.3 billion and creating Kenya is by far the largest destination in the region when measured by number of projects, while Uganda received the most capital via investment from France in the oil and gas sector,\u201d says the report titled A Pivot to Growth. Africa returned as a top investment\u00a0<\/p>\n

Kenya though , remained the most attractive destination for investors when measured by the quantity of investments.<\/p>\n

There were 63 projects undertaken in Kenya compared to nine projects in Uganda, which means that the projects in Uganda required massive capital investments.\u00a0<\/p>\n

France emerged as a significant investor in Uganda and Tanzania, particularly in the oil and gas sector, and Kenya stood as among the primary sources of regional investments in Tanzania.<\/p>\n

According to the report , the nature of Africa\u2019s FDI has changed over the last 20 years as the extractive industry, which once accounted for over 50% of the investments, is now at less than 10%.<\/p>\n

Despite a devastating Covid -19 pandemic and taking longer than other regions to recover , given its delayed vaccine rollout (Uganda had one of the world\u2019s longest lockdown ) and therefore its ability to reopen its 54 national economies; The report \u00a0shows that African economies are building resilience by diversifying into sectors that stimulate local production and job creation.<\/p>\n

Although 2022 was the first visible sign of the continent\u2019s return to the investment arena, much remains to be done to ensure that its investment attractiveness improves so that it can build on the momentum.<\/p>\n

The continent is significantly impacted by both monetary policy tightening and a strengthening dollar, as central banks across the globe fight to tame inflation.<\/p>\n

\u201cAs interest rates rise, so growth slows, and there is fear that some countries may yet slip into recession following major hikes in interest rates,\u201d says the report.<\/p>\n

The report says Africa\u2019s sovereign debt averaged 77 percent of GDP in six key African economies \u2013 Nigeria, Ghana, Ethiopia, Kenya, Zambia, and Mozambique\u2014 with South Africa not far behind. In addition to the high and rising inflation rates many countries are also confronted by depreciating currencies.<\/p>\n

\u201cFor investors, both within and outside the continent, higher interest rates raise the cost of funding new investment, which could place a strain on investor appetite,\u201d says the report.<\/p>\n

\u201cIn addition, slower growth provides fewer opportunities for investors, at a time when Africa was just starting to recover from the impact of the pandemic.<\/p>\n

\u201dAcross Africa, and with few and with few exceptions, central banks are increasing interest rates.<\/p>\n

South Africa\u2019s central bank rate has risen 500 basis points thus far, while Nigeria and Egypt have seen even sharper rate hikes, all designed to tame inflation, manage currency trading values, and provide economic stability.<\/p>\n

Editor :msserwanga@gmail.com<\/strong><\/p>\n

\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

By Our Reporters \u00b7\u00a0 \u00a0Uganda got the largest share with $10.2 billion in FDI , created 6,300 jobs \u00b7\u00a0 \u00a0Kenya<\/p>\n","protected":false},"author":1,"featured_media":11067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[159],"tags":[],"class_list":["post-11066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eac-regional-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/12\/30fbb49b49a5d605.webp","jetpack-related-posts":[{"id":16945,"url":"https:\/\/prowebinhost.com\/anzu\/new-era-for-lake-victoria-trade-as-uganda-tanzania-launch-east-africas-largest-vessel-mv-new-mwanza\/","url_meta":{"origin":11066,"position":0},"title":"New Era for Lake Victoria Trade as Uganda, Tanzania Launch East Africa\u2019s Largest Vessel MV New Mwanza","author":"MOSES SSERWANGA","date":"April 17, 2026","format":false,"excerpt":"By Mike Segawa Uganda and Tanzania have jointly unveiled MV New Mwanza, East Africa\u2019s largest locally built freshwater Roll-on\/Roll-off passenger vessel (Ro-Pax), in a development expected to significantly boost transport and trade across Lake Victoria. The modern vessel was unveiled at the port city of Mwanza in Tanzania, marking another\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2026\/04\/MV-Mwanza-860x573-1.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2026\/04\/MV-Mwanza-860x573-1.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2026\/04\/MV-Mwanza-860x573-1.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2026\/04\/MV-Mwanza-860x573-1.jpg 2x"},"classes":[]},{"id":1742,"url":"https:\/\/prowebinhost.com\/anzu\/warmer-than-usual-temperatures-expected-in-uganda-for-reminder-of-the-year-weather-experts\/","url_meta":{"origin":11066,"position":1},"title":"WARMER THAN USUAL TEMPERATURES EXPECTED IN UGANDA FOR REMINDER OF THE YEAR- WEATHER EXPERTS","author":"UgandaUpdate","date":"August 27, 2020","format":false,"excerpt":"By Our \u00a0\u00a0EAC Regional\u00a0 Correspondents The rainfall forecast for the reminder of the year for the Greater Horn of Africa region \u00a0\u00a0has been released by the IGAD Climate Prediction and Applications Centre (ICPAC) with small chances of higher than usual rainfall over much of Uganda. October to December\u00a0is\u00a0an important rainfall\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2020\/08\/weather.png","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2020\/08\/weather.png 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2020\/08\/weather.png 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2020\/08\/weather.png 2x"},"classes":[]},{"id":13607,"url":"https:\/\/prowebinhost.com\/anzu\/chan-2024-uganda-to-wait-until-august-as-caf-postpones-continental-tourney\/","url_meta":{"origin":11066,"position":2},"title":"CHAN 2024: Uganda To Wait Until August As CAF Postpones Continental Tourney","author":"UgandaUpdate","date":"January 15, 2025","format":false,"excerpt":"Due to concerns raised by CAF\u2019s Technical and Infrastructure experts regarding the readiness of host facilities, the 2024 African Nations Championship (CHAN) has been postponed. The experts determined that more time is necessary to ensure the infrastructure meets the standards for a successful tournament. The event was initially planned for\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/01\/patrice-motsepe-caf-president16.webp","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/01\/patrice-motsepe-caf-president16.webp 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/01\/patrice-motsepe-caf-president16.webp 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/01\/patrice-motsepe-caf-president16.webp 2x"},"classes":[]},{"id":10008,"url":"https:\/\/prowebinhost.com\/anzu\/afcon-2027-awarded-to-uganda-kenya-tanzania-as-nigeria-benin-republic-bid-fails\/","url_meta":{"origin":11066,"position":3},"title":"AFCON 2027 awarded to Uganda, Kenya, Tanzania as Nigeria-Benin Republic bid fails","author":"UgandaUpdate","date":"September 27, 2023","format":false,"excerpt":"The Confederation of African Football (CAF) has awarded the rights to co-host the 2027 Africa Cup of Nations\u00a0 to three East African countries Uganda, Kenya and Tanzania. This will be the first time in the history of this competition to be held in the East African region . The Confederation\u2026","rel":"","context":"In "Soccer"","block_context":{"text":"Soccer","link":"https:\/\/prowebinhost.com\/anzu\/category\/soccer\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/09\/131267649_gettyimages-1692659693.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/09\/131267649_gettyimages-1692659693.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/09\/131267649_gettyimages-1692659693.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/09\/131267649_gettyimages-1692659693.jpg 2x"},"classes":[]},{"id":4802,"url":"https:\/\/prowebinhost.com\/anzu\/enough-is-enough-cabinet-says-as-it-decides-to-hit-back-at-kenya\/","url_meta":{"origin":11066,"position":4},"title":"ENOUGH IS ENOUGH! CABINET SAYS AS IT DECIDES TO HIT BACK AT KENYA","author":"UgandaUpdate","date":"December 15, 2021","format":false,"excerpt":"\u201cI want to inform the country that yesterday Cabinet agreed to reciprocate, therefore the minister of agriculture is going to identify which products to ban from Kenya. We have been very patient, we have behaved like gentle people, but this has gone on for too long. So within a short\u2026","rel":"","context":"In "Trade"","block_context":{"text":"Trade","link":"https:\/\/prowebinhost.com\/anzu\/category\/trade\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/12\/kadaga.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/12\/kadaga.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/12\/kadaga.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/12\/kadaga.jpg 2x"},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/pc0aOV-2Su","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/11066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/comments?post=11066"}],"version-history":[{"count":1,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/11066\/revisions"}],"predecessor-version":[{"id":11068,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/11066\/revisions\/11068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/media\/11067"}],"wp:attachment":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/media?parent=11066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/categories?post=11066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/tags?post=11066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}