For the first time, Tanzania has overtaken Kenya in attracting corporate investments in the East African bloc. A Global Investment Bank 2013 report shows that the East African country is the most favourite investment destination for corporate entities in the region.
Announcing the results, Tanzania Investment Centre (TIC) Director, Juliet Kairuki said that it is the first time Tanzania outperformed Kenya in the area.
She further said that RMB Global Investment Bank 2013 report, also says Tanzania has retained its position in the list of top 10 destinations in Africa that are the most attractive for private capital investment.
Another country in the list apart from Tanzania and Kenya from eastern Africa is Ethiopia. The country was ahead of Tanzania by one point. Tanzania is ranked nine, Kenya is ranked 10, Uganda is ranked 16, Rwanda is 14 and Burundi is 41.
“Tanzania will be among seven of the world’s top ten fastest growing economies over the next six years which will emerge from Africa,” she said.
Others include Guinea, Mozambique, Zambia, Cote d’Ivoire, Rwanda, and Nigeria.
However, she said the report shows that Tanzania has received an average rating for its operational environment on the “Composite Operating Environment Index”.
Other countries with an average score include Kenya, Ethiopia, Uganda and Zambia.
The Composite Index is constructed by combining four independent global assessments including The World Bank doing Business Report 2013; Transparency International’s Corruption Perceptions Index 2012; the Heritage Foundation’s Index of Economic Freedom 2013 and the WEF’s Global Competitiveness Report 2012.
Source:Corporate Digest
