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12. Foreign Direct Investment in Kenya and Malaysia

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Chapter Summary

This chapter examines the determinants of Foreign Direct Investment (FDI) and its impact on economic growth in Kenya and Malaysia. Both countries have a long history of reliance on FDI in economic development. Prior to their independence, FDI was mainly concentrated in the primary sectors, while after independence, FDI became an important ingredient in their industrialization process. Over the years, Malaysia has remained an attractive location for FDI, having attracted substantial inflows followed by rapid economic growth rates leading to successful industrialization. Kenya on the other hand, although having comparable levels of FDI inflows to Malaysia in the 1970s, lost its appeal and has experienced slow economic growth rates over the same period, consequently failing to industrialize. One of the most comprehensive frameworks to date for analyzing FDI determinants is the Dunning eclectic paradigm.

Keywords: Dunning eclectic paradigm; Foreign Direct Investment (FDI); import substitution industrialization(ISI) strategy; Kenya; Malaysia



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