(Ecofin Agency) - South Africa remains the African country which attracted the most Foreign Direct Investments in 2017, according to the 2018 edition of the "Attractiveness Program Africa" report published on October 29 by the audit firm Ernst & Young. The rainbow nation attracted 96 projects or 13% of the overall projects recorded on a continental level.

This figure, however, represents a 31% decrease compared to the 2016 volume due notably to weaker economic growth (1.3% in 2017), lower commodity prices and political uncertainties experienced by the most industrialized country in Africa.

South Africa was tied in the ranking to Morocco which attracted 15 foreign direct investments more than the number of these investments in the country in 2016. This North African country is essentially taking advantage of the boom in investments in the automotive industry.

Next comes Kenya (67 projects in 2017 against 40 in 2016). The leading economy in East Africa gains three rows in the ranking. The rise registered essentially comes from rising investments in the technology sector in this country nicknamed the  "Silicon Savannah."   

With  64 foreign direct investments recorded in the past year (+25%), Nigeria is the fourth. This West African country which gained 24 rows in the Ease of Doing Business index has become a choice destination for Chinese, British and South African investments.  

Ethiopia is the fifth in the top 15 of the African countries which attracted the most foreign direct investments in the past year. The second east African economy gained seven rows in the present ranking and attracted 62 projects, a 288% rise.

Zimbabwe also appears in the list of the countries which recorded an impressive growth in the number of FDI recorded in 2017. During the period under review, the country attracted 13 projects, representing double the numbers recorded a year earlier thanks notably to the modification of the indigenization law and economic emancipation that required a majority of nationals in companies.

In the continent, the number of foreign direct investments has risen by 6% in 2017 to reach 718 projects. This rise is essentially due to the economic revival observed in the continent and weaker local currencies that reduced investment costs.

Top 15 African countries that attracted the most foreign direct investments in 2017:

1-South Africa (96)

2-Morocco (96)

3-Kenya (67)

4-Nigeria (64)

5-Ethiopia (62)

6-Egypt (56)

7-Ghana (43)

8-Tanzania (35)

9-Algeria (24)

10-Côte d’Ivoire (23)

11-Uganda (14)

12-Zimbabwe (13)

13-Rwanda (12)

14-Mozambique (11)

15-Zambia (11)