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Top Emerging Markets for Investment in 2024

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Graphic illustrating the top ten emerging markets according to their FDI momentum in 2024.

Top Emerging Markets for Investment in 2024

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Foreign direct investment (FDI) refers to the investment made by individuals, companies, or entities from one country into businesses, assets, or ventures located in another country.

FDI plays a pivotal role in global economic development, as it facilitates capital flows, fosters business expansion, and contributes to job creation and economic growth.

In this graphic, we illustrate the top 10 emerging markets according to their FDI momentum in 2024. This ranking comes from fDi Intelligence and was published in December 2023.

Cambodia Tops the List

The 10 countries with the strongest FDI prospects for 2024 are spread across Asia, Africa, the Middle East, and Europe.

Asia features six countries on the list, with Cambodia expected to carry the strongest investment momentum this year.

With a GDP growth forecasted at 6.1% in 2024, up from 5.6% in 2023, the IMF expects Cambodia to be the fastest-growing economy in Southeast Asia. The country has strengthened its trade relationships with China, South Korea, and the EU.

Additionally, Cambodia has benefited from a recovery in tourism since China started lifting its COVID-related travel restrictions earlier in 2023.

CountryGDP GrowthGrowth in FDI Capex (CAGR '21-'23)Growth in FDI Projects (CAGR '21-'23)
🇰🇭 Cambodia6.1%393%110%
🇵🇭 Philippines5.9%312%51%
🇰🇪 Kenya5.3%246%50%
🇮🇶 Iraq2.9%371%95%
🇳🇦 Namibia2.7%570%83%
🇰🇿 Kazakhstan4.2%277%63%
🇦🇿 Azerbaijan2.5%413%116%
🇲🇦 Morocco3.6%204%27%
🇷🇸 Serbia3.0%219%29%
🇮🇳 India6.3%127%55%

Meanwhile, the IMF expects the Philippines, in second place, increase GDP growth from 5.3% to 5.9% in 2024. Both public and private investment have played a key role in reinforcing its growth, bolstered by the opening of the renewable energy sector to foreign investors.

Kenya occupies the third spot.

The African nation has seen increasing foreign direct investment in various sectors. Recently, the U.S.-based pharmaceutical company Moderna finalized an agreement to invest up to $500 million to build its first African facility for the production of messenger RNA (mRNA) vaccines in Kenya—one of the first of its kind in Africa.

The country’s energy sector has also attracted strong FDI interest, with Dubai-based AMEA Power announcing in September 2023 the intention to produce green hydrogen in Mombasa, with total investment estimated at $2.29 billion.

Serbia was the only country outside Asia and Africa to make it into the top 10, securing ninth place.

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