China’s foreign direct investment (FDI ) into Kenya is projected to grow 10 percent in 2023 as compared to the 348 million U.S. dollars recorded in 2022, a government official said Monday.
June Chepkemei, acting managing director of state-owned Kenya Investment Authority (KenInvest), said during a media briefing on the upcoming sixth Kenya International Industrial Expo and the Kenya Import and Export Fair in Nairobi, the capital of Kenya, that Chinese investors are mainly concentrated in the manufacturing and infrastructure fields. The event is scheduled to take place from Sept. 21 to 23.
According to Afripeak Kenya Expo, the organizers of the exhibition, a total of 200 Chinese exhibitors from Shandong, Jiangxi, Henan, and Zhejiang provinces will be attending the expo while the Kenyan pavilion will host more than 30 selected local companies showcasing their products.
Chepkemei added that Chinese investors are attracted to Kenya because it is a regional business hub that can be used as a base to manufacture products needed in the African market.
Gao Wei, managing director of Afripeak Kenya Expo, revealed that the industrial expo will boost Chinese FDI in Kenya because it is a platform to market Kenya as an ideal investment destination for firms from China.
Eric Rutto, president of the Kenya National Chamber of Commerce and Industry, said that Kenya has already benefited from modern technology and manufacturing processes emanating from Chinese capital inflows in the country.