Wiper Patriotic Front party leader Kalonzo Musyoka, during a TV interview, sensationally claimed that over 6,000 companies previously stationed in Kenya had migrated to the neighbouring countries of Tanzania and Uganda.
The purported migration, Kalonzo claimed, had resulted in the loss of job opportunities for several Kenyans.
He, in turn, rubbished President William Ruto’s ambitious plan of making Kenya a first-world country, saying he cannot talk about Singapore when the jobs are disappearing and the level of unemployment is soaring.
But is this true? TUKIO.co.ke analysed data about foreign investments in the country and the jobs created.
Foreign investments
As captured in President Ruto’s State of the Nation address, Kenya’s foreign direct investment (FDI) has more than tripled from KSh 60 billion in 2021 to KSh 195 billion in 2024.
During the same period under review, over 300,000 new businesses registered and set up shop in Kenya. Among them were 500 foreign companies, reflecting increasing investor confidence in the country.
Also, the Nairobi Securities Exchange (NSE) became Africa’s best-performing bourse, as foreign purchases grew from KSh 27 billion to KSh 45 billion.
The Nairobi International Financial Centre attracted premier global institutions, including BUPA Health, Lloyd’s of London, and the European Bank for Reconstruction and Development, reinforcing Kenya’s position as a regional financial hub.
Jobs created
In terms of jobs created, the government’s One Stop Centre, integrating more than 16 government agencies, has facilitated more than 300 projects worth KSh 247 billion, creating 27,000 jobs.
Special Economic Zones (SEZs) and Export Processing Zones (EPZs) expanded to 70 SEZ enterprises and 109 EPZ enterprises, generating 30,000 direct jobs.
In September 2025, Kenya broke ground on the Vipingo Special Economic Zone, a transformative 2,000-acre project expected to attract KSh 390 billion in investments and create over 35,000 direct jobs.
The 3000-acre Dongo Kundu SEZ was launched in November 2025, further strengthening Kenya’s regional manufacturing capacity.
Other manufacturing projects and the jobs created include: Linglong Tyre Plant with a KSh 104 billion investment, creating 1,500 jobs, KSh 19.5 billion investment in Rongtai Steel, creating 3,000 jobs and Fullcare Medical Phase II, which created 600 jobs with a KSh 7.8 billion investment.
Also, services, hospitality and real estate have continued to grow, supported by: KSh 65 billion Tatu City Business Bay, KSh 3.25 billion China Plaza, which created 2,000 jobs, KSh 1.3 billion Wonderhub and entry of global hotel brands such as Hyatt and Ritz-Carlton.
During President Ruto’s tour of the United Kingdom, he secured a KSh 17.7 billion UK funding commitment that will support Kenya’s tech, innovation, and digitally driven SME ecosystem. This initiative is expected to support over 500 startups and 5,000 SMEs, creating around 30,000 jobs.
The UK also pledged to mobilise up to KSh 266.1 billion in new investments across Kenya.