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India's Investments in Select East African India’s Investments in Select East African Countries: Prospects and Opportunities EXPORT-IMPORT BANK OF INDIA WORKING PAPER NO. 60 INDIA’S INVESTMENTS IN SELECT EAST AFRICAN COUNTRIES: PROSPECTS AND OPPORTUNITIES EXIM Bank’s Working Paper Series is an attempt to disseminate the findings of research studies carried out in the Bank. The results of research studies can interest exporters, policy makers, industrialists, export promotion agencies as well as researchers. However, views expressed do not necessarily reflect those of the Bank. While reasonable care has been taken to ensure authenticity of information and data, EXIM Bank accepts no responsibility for authenticity, accuracy or completeness of such items. © Export-Import Bank of India March 2017 1 Export-Import Bank of India India’s Investments in Select East African Countries: Prospects and Opportunities 2 Export-Import Bank of India India’s Investments in Select East African Countries: Prospects and Opportunities CONTENTS Page No. List of Tables 5 List of Charts 7 List of Exhibits 9 List of Boxes 9 List of Annexures 9 Executive Summary 11 1 Background 17 2 Recent Trends in Investments in Select East African Countries 31 3 India’s Investments in Select East African Countries 49 4 Prospects and Opportunities for Investments in Select East African Countries 53 5 Export-Import Bank of India in Africa 71 Project Team Mr. David Sinate, Chief General Manager Mr. Vanlalruata Fanai, Assistant General Manager Ms. Snehal Bangera, Chief Manager 3 Export-Import Bank of India India’s Investments in Select East African Countries: Prospects and Opportunities 4 Export-Import Bank of India India’s Investments in Select East African Countries: Prospects and Opportunities LIST OF TABLES Table No. Title Page No. 1.1 Select Macroeconomic Indicators of Burundi 18 1.2 Select Macroeconomic Indicators of Ethiopia 21 1.3 Select Macroeconomic Indicators of Kenya 23 1.4 Select Macroeconomic Indicators of Rwanda 24 1.5 Select Macroeconomic Indicators of Tanzania 26 1.6 Select Macroeconomic Indicators of Uganda 29 2.1 FDI Inflows (Flows and Stock) to Burundi 31 2.2 Bilateral Investment Treaties of Burundi 32 2.3 FDI Inflows (Flows and Stock) to Ethiopia 34 2.4 Bilateral Investment Treaties of Ethiopia 35 2.5 FDI Inflows (Flows and Stock) to Kenya 37 2.6 Bilateral Investment Treaties of Kenya 38 2.7 FDI Inflows (Flows and Stock) to Rwanda 40 2.8 Bilateral Investment Treaties of Rwanda 41 2.9 FDI Inflows (Flows and Stock) to Tanzania 43 2.10 Bilateral Investment Treaties of Tanzania 45 2.11 FDI Inflows (Flows and Stock) to Uganda 46 2.12 Bilateral Investment Treaties of Uganda 47 3.1 India’s Approved Overseas Direct Investment in Select East African Countries 49 3.2 FDI Equity Inflows to India from Select East African Countries 52 5 Export-Import Bank of India India’s Investments in Select East African Countries: Prospects and Opportunities 6 Export-Import Bank of India India’s Investments in Select East African Countries: Prospects and Opportunities LIST OF CHARTS Chart No. Title Page No. 2.1 Rankings on Doing Business topics – Burundi 32 2.2 Major Sectors attracting FDI in Burundi during 2006-2015 33 2.3 Major Sources of FDI in Burundi during 2006-2015 33 2.4 Rankings on Doing Business topics – Ethiopia 34 2.5 Major Sectors attracting FDI in Ethiopia during 2006-2015 36 2.6 Major Sources of FDI in Ethiopia during 2006-2015 36 2.7 Rankings on Doing Business topics – Kenya 38 2.8 Sector-wise Investments in Kenya during 2006-2015 39 2.9 Major Sources of FDI in Kenya during 2006-2015 39 2.10 Rankings on Doing Business topics – Rwanda 41 2.11 Sector-wise Investments in Rwanda during 2006-2015 42 2.12 Major Sources of FDI in Rwanda during 2006-2015 42 2.13 Rankings on Doing Business topics – Tanzania 44 2.14 Major Sectors attracting FDI in Tanzania during 2006-2015 45 2.15 Major Sources of FDI in Tanzania during 2006-2015 45 2.16 Rankings on Doing Business topics – Uganda 46 2.17 Major Sectors attracting FDI in Uganda during 2006-2015 48 2.18 Major Sources of FDI in Uganda during 2006-2015 48 3.1 Sector-wise India’s Approved Direct Investments in Ethiopia 50 3.2 Sector-wise India’s Approved Direct Investments in Kenya 50 3.3 Sector-wise India’s approved Direct investments in Rwanda 51 3.4 Sector-wise India’s approved Direct investments in Tanzania 51 3.5 Sector-wise India’s approved Direct investments in Uganda 52 7 Export-Import Bank of India India’s Investments in Select East African Countries: Prospects and Opportunities 8 Export-Import Bank of India India’s Investments in Select East African Countries: Prospects and Opportunities LIST OF EXHIBITS Exhibits No. Title Page No. 1.1 Select East African Countries 17 LIST OF BOXES Box No. Title Page No. 1 Burundi – New Mining Code 19 2 Tanzania – Mineral Policy of 2009, Mining Act, 2010 and Natural Gas Policy, 2013 27 LIST OF ANNEXURES Annexure No. Title Page No. 1 Indian Companies/Investors with approved JVs/ WOSs in Ethiopia 78 2 Indian Companies/Investors with approved JVs/ WOSs in Kenya 83 3 Indian Companies/Investors with approved JVs/ WOSs in Rwanda 89 4 Indian Companies/Investors with approved JVs/ WOSs in Tanzania 90 5 Indian Companies/Investors with approved JVs/ WOSs in Uganda 94 6 Exim Bank of India’s LOCs in Africa (As on December 31, 2016) 97 9 Export-Import Bank of India India’s Investments in Select East African Countries: Prospects and Opportunities 10 Export-Import Bank of India India’s Investments in Select East African Countries: Prospects and Opportunities Executive Summary The East African region has the largest number at US$ 10.7 billion, accounting for 1.4 per cent of Africa’s of Regional Economic Communities (RECs) and FDI stock as on 2015. According to AfDB’s African intergovernmental regional bodies. This Study focuses Economic Outlook 2016, FDI inflows to Ethiopia have on select East African countries, given their respective mainly been in labour-intensive areas. Although the strategic importance, which include Burundi, Ethiopia, 32 projects launched in Ethiopia in 2015 accounted Kenya, Rwanda, United Republic of Tanzania (Tanzania) for only 4.4 per cent of total investment in Africa, and Uganda. All these countries are members of the these made up 18.5 per cent of the jobs from FDI in African Union (AU). Burundi, Kenya, Rwanda, Tanzania Africa. Ethiopia has slowly been opening up to foreign and Uganda are members of the East African Community investment in the manufacturing and retail sectors. (EAC); Ethiopia, Kenya and Uganda are members of Textile and garment firms from Bangladesh, China and the Inter-Governmental Authority on Development Turkey seeking alternative production bases for export (IGAD); Burundi, Ethiopia, Kenya, Rwanda and Uganda to the European Union (EU) and North America have are members of the Common Market for Eastern and invested in Ethiopia in 2015, especially because of Southern Africa (COMESA); Tanzania is a member of its privileged exports under the African Growth and Southern African Development Community (SADC); Opportunity Act (AGOA) and economic partnership Burundi is a member of the Economic Community of agreements (EPAs). Central African States (ECCAS); and Kenya and Tanzania Kenya’s inward FDI (flows) reached a record high of are members of the Indian Ocean Rim Association for US$ 1.4 billion in 2015, as compared to US$ 1 billion Regional Cooperation (IOR-ARC). in the previous year, resulting from renewed investor According to the African Development Bank (AfDB), FDI interest, confidence in the country’s business climate inflows to East Africa have been increasing since 2010. and booming domestic consumer market. The rise Among the countries in the East Africa region, Burundi, in Kenya’s investments is mainly due to the Chinese Ethiopia, Kenya, Rwanda, Tanzania and Uganda, investments in the mining and hydrocarbon sectors. together accounted for 6.4 per cent of Africa's inward As on 2015, Kenya’s FDI inward (stock) stood at FDI (stock) in 2015. Kenya, Tanzania and Uganda, in US$ 5.9 billion. Kenya is becoming a favoured business particular, are attracting investors reflecting the shift hub, not only for oil and gas exploration but also for towards consumer goods. manufacturing exports, as well as consumer goods and services. FDI flows to Burundi, though rising, have been at low levels, vis-à-vis other African countries. In 2015, FDI FDI inflows (flows) to Rwanda have been on an upward inward (flows) to Burundi stood at US$ 7.4 million, as trajectory, to reach a record high of US$ 471.2 million compared to US$ 47.1 million in the previous year. As in 2015. Rwanda’s FDI stock, as on 2015, was at regards FDI inward (stock), Burundi’s FDI stock stood US$ 1.2 billion in 2015. Although FDI stocks have at US$ 70.2 million in 2015 (2.4 per cent of its GDP). increased in recent years due to Rwanda’s political FDI outflows from Burundi were at low levels at US$ 0.2 stability and measures focused on improving the million in 2015. business climate, foreign investments vis-à-vis other Africa countries remain rather weak. FDI inward (flows) to Ethiopia stood at US$ 2.2 billion in 2015, as compared to US$ 2.1 billion in the previous Tanzania is the twelfth-most preferred destination for year. In terms of FDI stock, Ethiopia’s FDI inflows stood foreign investment in Africa, with an FDI inward stock 11 Export-Import Bank of India India’s Investments in Select East African Countries: Prospects and Opportunities of US$ 18.5 billion and accounting for 2.5 per cent of Kenya (11 per cent).
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