By Ismael Kasooha
LONDON: The Prime Minister of the Republic of Uganda, Rt. Hon. Robinah Nabbanja has invited Chief Executive Officers of various companies based in the United Kingdom to invest in Uganda.
Nabbanja briefed the investors that Uganda was among the top seven fast-developing economies in the world according to the World Bank and International Monetary Fund (IMF) ranking.
“Let me take this opportunity to invite you to invest in Uganda. By doing so, you will contribute not only to Uganda’s prosperity but also to the growth of the entire East African region. The Government of Uganda remains firmly committed to maintaining a secure, stable, and conducive environment for your investments to thrive,” said Nabbanja.
UIA Director General, Robert Mukiza (with mic), addressing investors in London.
The Premier briefed the investors that the East African Community (EAC) had close to 400 million citizens, with 30% of the people living in urban centres.
“This population represents a big market for your products and services. The combined GDP of the EAC is USD 312.9 billion, with the size of Uganda’s economy being USD 61.3 billion, having grown by 15 times from USD 3.9 billion in 1986, when the current NRM government assumed power,” she noted.
Nabbanja made the remarks while meeting over 100 Chief Executives of leading companies globally at Marlborough House, the Headquarters of the Commonwealth Secretariat and Commonwealth Foundation in London. She said that Uganda had various investment opportunities in the sectors of Agriculture, Health, education, oil and gas, and infrastructure, manufacturing and services, ICT, among others, that could be exploited by the Investors.
Nabbanja told the investors that President Yoweri Museveni had stated that there was a need to invest in Uganda and add value to the products to avoid the export of jobs, to enable our country to develop at a faster rate.
She further briefed the investors that Uganda was one of the best investment destinations in Africa because of the incentives and the conducive investment climate. “The Government offers Tax incentives to investors who come to our country, free land, and other related benefits. Come to Uganda and do business,” said Nabbanja.
She told investors that the Government had recently adopted a bold Tenfold-Growth Strategy to grow the size of the economy from USD 61.3 billion to USD 500 billion by 2040. The NDP4 would be the first five-year plan to deliver this strategy.
Some of the CEO’s posing for a group photo with the Prime Minister Robinah Nabbanja after the engagement at the Commonwealth Headquarters in London
“To achieve this strategy, we have identified four key areas where we need strategic investment. They include Agro-Industrial Development – which is expected to be achieved through commercializing and formalizing agriculture, Tourism Development, which will be achieved through increasing tourist inflows fivefold, doubling average spend-per-tourist and average stay-per-tourist, mineral-based Development, including Oil and Gas, and Science, Technology and Innovation, including ICT and the Creative Arts,” she added.
The CEOs raised a number of issues regarding the investment opportunities in Uganda and how the country had positioned itself to tap into the available investments.
Robert Mukiza, the Director General of Uganda Investment Authority, told CEOs that when they invest in Uganda, they are free to repatriate their profits on top of incentives availed to them by the government.
“As a country, we have put in place policies that enable the investors to repatriate his/her profits to any country of choice without any hindrances. When you invest in Uganda, you are sure of making profits,” said Mukiza.
Nabbanja later held a private meeting with the Chief Executive Officer of Global Health Partnerships, Ben Simms, with whom she discussed the potential of health investment in Uganda to address the challenge of Ugandans seeking specialized treatment from abroad. The meeting took place at Uganda House, at Trafalgar Square in Central London.
The Premier also met Alvarez & Marsal, a company that helps corporates, boards, private equity firms, law firms, and government agencies drive transformation, mitigate risk, and unlock value at every stage of growth.
The Prime Minister is in the United Kingdom for her maiden working visit to promote and market Uganda.
Nabbanja was accompanied by the Ugandan High Commissioner to the UK, Her Excellency Mrs. Nimisha Jayant Madhvani, the Deputy High Commissioner to the UK, H.E. Philip Rukikaire, Uganda’s Military Advisor in the UK, Brig. Geoffrey Karugaba, among others.
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This story was reproduced from the Office of the Prime Minister’s website.
Link: https://opm.go.ug/prime-minister-nabbanja-woos-uk-investors/
