By Shamim Saad
The business community in Uganda and investors in East Africa have been urged by President Yoweri Museveni to take advantage of the 19th Non-Allied Movement (NAM) conference and work with colleagues outside of the area.
According to him, this will allow them to further broaden their access to the global market, finance the promotion of standards, grow collaborations that improve technology-skill transfer, and optimize value addition.
At the official opening of the East Africa Trade and Investment Forum, which took place on Tuesday, 16 2024 at the Kampala Serena convention center, Vice President Jesca Alupo read Museveni’s speech.
The three-day forum, under theme “Unlocking East Africa’s potential on the global stage,” began on Monday 15th -17th and ran concurrently with the NAM Summit.
“The summit shows Uganda’s dedication to the growth of the private sector and a renewed emphasis on promoting Uganda’s abundant investment potential. It also improves the relationship between foreign investors and the Ugandan business community,” Museveni noted.
He stated that the East African Member states’ business community and investors ought to take advantage of this chance to work with foreign investors to maximize value addition, grow partnerships that improve technology, skills transfer, financing, and standards, and further expand access to the international market.
“Our philosophy is to provide a One Stop Centre to investors across all Government services, ease the business environment and reduce the cost of doing business in Uganda. This service is available at Uganda Investment Authority (UIA),” he alluded
Why you should invest in Uganda
According to Hon. Evelyn Anite, the State Minister for Investment and Privatization, the US$50 billion economy of Uganda benefits from market connections within the US$305 billion East African Community (EAC) economy, which is the fastest-growing and most diverse economic bloc on the African continent.
“Due to its strategic location, Uganda has easy access to the Common Market of East and Southern Africa (COMESA), the Africa Continental Free Trade Area (AfCFTA), which has more than 55 member states, and the regional markets of the East African Community (EAC). The 1.4 billion customers that the African Continental Free Trade Area produced made it the perfect trading and investment partner,” Anite mentioned.
She said the Agreement on Africa Continental Free Trade Area (AfCFTA) will enhance investment in Africa and expand trade among Africans by almost 33%.
Anite further said that throughout the previous 37 years, Uganda’s economy has grown at a rate that has been comparatively steady and strong, averaging almost 6.2%.
“With a GDP per capita of US$1,100, Uganda is a highly lucrative destination for foreign direct investment (FDI) due to its rapidly expanding market, which is expected to support local manufacturing of fast-moving consumer products and services. Uganda has maintained a stable macroeconomic environment with low inflation (now 2.6%), a stable currency, and strong sustained growth due to careful macroeconomic management. The economic forecast for Uganda,” stated UIA Chairperson Morrison Rwakakamba.
The UIA Director General Robert Mukiza, Uganda has the most open economy for foreign direct investment. Foreign exchange, capital mobility, and investment ownership are all unrestricted. According to figures from the World Bank, net inflows of foreign direct investment (FDI) have topped USD 1 billion annually on average.
“As the third-most hospitable and fourth-best travel destination in the world, Uganda boasts a first-rate working and living environment. Uganda has the best homes and the lowest cost of living. Its rapidly expanding labor force and adaptable labor laws offer a significant benefit to businesses engaging in labor-intensive industries.,” he stated
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