The Government of Uganda through Uganda Investment Authority, recently hosted the second edition of the Uganda-UAE Business Forum, a four-day event aimed at attracting Foreign Direct Investments (FDIs) and strengthening economic ties between the two nations. The forum took place at the Commonwealth Resort Speke Munyonyo in Kampala from October 10 to 13, 2023, under the theme “Uganda: The Gateway of the UAE to the East Africa Community Region.”
Key stakeholders, including trade and investment policymakers, business leaders, and trade support institutions, gathered for this event, with over 200 high-profile investors in attendance. The central focus of the forum was to showcase investment opportunities in sectors such as agro-industry, tourism, information communication and technology, and manufacturing, among others.
Building on Success:
Investment minister Hon Anite Evelyn emphasized the significance of this forum, building on the success achieved through Uganda’s participation in the Dubai World Expo 2020 adding that it continued the momentum initiated by the inaugural 2022 Business Forum held across four emirates in the UAE.
Following Uganda’s participation in the Dubai World Expo 2020, the country attracted several FDI companies, including Modern Tiles, Global Gas, Metro Cement, and General Petroleum. The FDI from the UAE to Uganda has shown substantial growth, increasing from US $300 million in 2018 to approximately US $3 million in 2023. Uganda’s export figures also witnessed a significant rise from US $562 million in 2020 to US $1 billion in 2021.
President Museveni’s Investment Pitch:
During the forum, President Yoweri Kaguta Museveni emphasized Uganda’s investment opportunities, highlighting the nation’s abundant market potential. With 46 million Ugandans, 300 million East Africans, and the prospect of a 1.5 billion-strong African population under the Continental Free Trade Area (CFTA) by 2050, the President assured investors of a large, dynamic market.
President Museveni also highlighted Uganda’s access to international markets, such as the United States through the African Growth and Opportunity Act (AGOA), China, and the European Union. He stressed that Uganda has the infrastructure in place to support smooth business operations.
Awards and Recognitions:
Uganda’s dedication to fostering a conducive investment climate was recognized at the Annual Investment Meeting (AIM) in Abu Dhabi, UAE, where Uganda was awarded the best investment destination in the East African region. The AIM Global 2023 Investment Awards celebrated Uganda Investment Authority’s efforts in promoting investments in the region.
Director General of Uganda Investment Authority, Mr. Robert Mukiza, noted that Uganda is now the premier investment destination in East Africa, thanks to President Museveni’s commitment to creating a safe environment for investments.
Incentives and Opportunities:
Uganda offers attractive incentives for investors, including a ten-year tax holiday for those in the agricultural sector exporting 80% of their production, import duty exemptions, and free land for investors in industrial parks. The government has secured 12 square miles of land for the development of industrial parks across the country.
The Africa Continental Free Trade Area (AfCFTA) was also highlighted as a significant opportunity, allowing access to a market of over 1.5 billion people across the African continent.
Strategic Location for Trade:
Chairman of the board of Uganda Investment Authority, Morrison Rwakakamba, emphasized Uganda’s strategic location in the heart of the East African region, which offers easy access to neighboring markets. Uganda’s early ratification of the AfCFTA is seen as a vital step toward achieving economic development in Africa and realizing the Africa Agenda 2063.
The Uganda-UAE Business Forum exemplified the nation’s commitment to promoting investments, attracting FDIs, and fostering trade relationships with global partners, with a focus on mutually beneficial growth and prosperity. Uganda’s strategic location, growing market, and strong incentives make it an increasingly attractive destination for investors looking to tap into East Africa’s promising future.
