President Yoweri Kaguta Museveni has urged investors to capitalise on the country’s abundant resources by partnering with local entrepreneurs or establishing their own companies to add value to Uganda’s agricultural and mineral wealth, including coffee, fish, gold, and lithium.
During the Pan African Congress Business Forum, represented by Vice President Jessica Alupo, he emphasised Uganda’s readiness to facilitate investments as part of the country’s strategy to boost economic growth, social transformation, and unity.
“Come and partner with our entrepreneurs or establish your own companies to add value to our resources,” President Museveni stated through Vice President Jessica Alupo at the Pan African Congress Business Forum.
“We offer generous incentives, tax exemptions, and support from the Uganda Investment Authority to facilitate investments,” Museveni added.
Uganda’s economy is on the rise, with a 5-7% expansion rate driven by export promotion. The country’s economic growth rate for the 2023/24 financial year stood at 6.0%, signalling a full recovery from the COVID-19 pandemic. The government attributes this growth to recovery in the agriculture sector, sustained growth in services, and continued investment in public infrastructure.
Odrek Rwabwogo, Chairperson of The Presidential Advisory Committee on Exports and Industrial Development (PACEID), highlighted Africa’s vast export potential, citing $421 billion in exports in 2019, which surpasses overseas development assistance. However, the legacy of colonialism continues to stifle entrepreneurial spirit, limiting scaling and competition.
Rwabwogo outlined Uganda’s strategy: “We aim to conduct market research, appoint trade representatives, open 25 trade hubs worldwide by 2030, enhance market awareness, improve food standards, and develop infrastructure for logistics and competition.”
Minister of Trade, Industry, and Cooperatives, Hon. Francis Mwebesa, emphasised the importance of international collaboration, stating that Uganda is committed to providing an enabling environment for investors with attractive incentives, improved infrastructure, and market access.
Dr. Olivier Kamanzi, Chairman and CEO of the Africa Global Chamber of Commerce, emphasised the crucial role of the African diaspora in supporting Africa’s economic development, contributing over $100 billion to Africa in 2022. Kamanzi encouraged African governments to deepen their engagement with the diaspora to tap into their resources, expertise, and networks.
“The diaspora represents a powerful opportunity for Africa’s future,” Kamanzi remarked. “Their investments will play a crucial role in building Africa’s economic independence and global competitiveness.”
Dr. Olivier Kamanzi, Chairman and CEO of the Africa Global Chamber of Commerce
The Pan African Congress Business Forum aims to promote Pan-Africanism through investment, trade, and cultural exchange, bringing together East African leaders, the African Diaspora, and global partners.
The forum, themed “A Diaspora Homecoming: Navigating the Next 100 Years,” runs from October 6-12, 2024, in Kampala, with key objectives including providing a platform for the African Diaspora to adopt development strategies, promoting Pan-Africanism through investment, trade, and cultural exchange, facilitating networking among leaders, businesses, and organisations, and sharing experiences and addressing challenges in economic development.
Expected outcomes include cultural connections, expert insights, networking opportunities, and insights on trade, investment, and business opportunities.
