Egypt Leads African Tourism, South Africa Regains Top Spot In Trade Attractiveness
Date
6/26/2024 11:25:08 PM
(MENAFN- Daily News Egypt) Egypt maintained its top position in the African tourism sector for the third consecutive year, while South Africa regained its leading position from Nigeria in Africa's trade rankings, driven by a substantial increase in foreign direct investment (FDI), according to the latest research from Bloom Consulting.
The surge in FDI, particularly significant in 2021 due to major technology investments, was ten times higher than in 2020 and quadruple that of 2022, underscoring South Africa's growing appeal as an investment destination. Notably, Egypt ranked fourth in FDI, contributing to its continued economic growth.
Senegal's significant improvement was another key finding, with the nation jumping 11 spots to seventh place in the continental rankings. Conversely, Tanzania dropped five spots, falling out of the top 10 to 13th place.
In the tourism sector, Morocco, Ethiopia, and Uganda were highlighted as countries experiencing the most significant positive changes, while South Africa, Ghana, and Nigeria saw declines compared to other African nations.
“South Africa reclaims its leading position from Nigeria in Africa's trade rankings, primarily driven by a substantial increase in FDI,” the Bloom Consulting report stated.
The research underscores the dynamic nature of Africa's economic landscape, with countries experiencing shifts in both trade and tourism attractiveness.
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