South Africa has overtaken the United States to become Kenya's second largest foreign investor.
South Africa leapfrogged the US to second place following a number of multi-billion shilling deals recently inked by SA firms targeting Nairobi, according to Business Daily.
The latest data by the Kenya National Bureau of Statistics (KNBS) shows that the total value of investments held by resident South African firms in Kenya grew by Sh64.34 billion (60 percent increase) in 2017 to Sh171.65 billion.
The increase pushed the US to position three after its portfolio in Kenya increased by a marginal Sh2 billion to Sh159.92 billion in the period under review.
Despite recording a Sh3.44 billion drop from 2016’s value, the United Kingdom maintained its grip as Kenya's largest source of foreign investment at Sh217.84.
South Africa's performance is largely linked to an economic crisis witnessed in South Africa in 2017, which prompted firms in the country to look elsewhere for opportunities.
“Finance and insurance, manufacturing, information and communication; and transportation and storage industries were the main beneficiaries of investment,” the KNBS says in Foreign Investment Survey 2018.