President Yoweri Museveni has received an award recognising Uganda as the top investment destination in Africa.
The accolade, which highlights Uganda’s competitive business environment, was presented to Uganda during a global investor award gala dinner at the Abu Dhabi National Exhibition Centre (ADNEC) as part of the 13th edition of the Annual Investment Meeting (AIM) held on May 7-8 in Abu Dhabi, United Arab Emirates (UAE).
Uganda surpassed six other nations to claim the prestigious title, according to a Monday statement from State House.
The award was handed to President Museveni at State House Entebbe by the Minister of State for Privatization and Investment, Evelyn Anite, who represented the Ugandan government at the gala in UAE.
Anite praised President Museveni’s consistent and effective policies, which have significantly enhanced Uganda’s attractiveness to both global and local investors.
She was accompanied by key officials including Finance Minister Matia Kasaija, Uganda Investment Authority (UIA) Chairman of the Board of Directors Morrison Rwakakamba, and the UIA Director General, Robert Mukiza.
This marks the second time Uganda has been honoured by AIM, following a 2023 award for being the best investment destination in East Africa.
The AIM Congress 2024 was themed “Adapting to a Shifting Investment Landscape: Harnessing New Potential for Global Economic Development,” reflecting the dynamic nature of global investment trends.
In the financial years 2021/22 and 2022/23, UIA licensed a total of 1,202 investment projects, with a planned investment value of $16.516b (sh62.8 trillion) and 142,524 planned jobs.
AIM is an emerging markets Foreign Direct Investment (FDI)-focused event that offers a blend of features and activities aimed at enriching participants with a comprehensive view of the investment environment in high growth regions.
Established as the new staple for FDI, AIM attracts a mix of high-profile government officials, private asset owners and project promoters from all across the globe.
More awards
Last year, Uganda won the Global Investment Catalyst Award in Rhode Island, US, which was received by Kampala’s envoy to Washington D.C, Robie Kakonge.
The 2023 Go Global Awards boosts Uganda’s brand awareness, attracts new investments, and serves as a reputable third-party endorsement.
It also provides clarity on investment goals, expanding network, uncovering new market opportunities, and benchmarking against competitors, according to the Uganda Investment Authority (UIA).
Then Rwakakamba said the award came after that of the best investment destination award in East Africa, which UIA won in the UAE early last year.
Investment Index rankings
Uganda also topped the investment index rankings by the University of Oxford and the African Development Bank.
“It’s our expectation that this catalyst award will further catalyse investment for Uganda in the four core sectors of agribusiness, manufacturing, ICT and services for the coming months and years ahead,” Rwakakamba said.
Angelo Izama, a director at UIA, said what he finds consistent and encouraging is that Uganda continues to exceed expectations. He said across all the latest reports, including the Africa Risk-Reward Index by Control Risks and the Future of Trade by Standard Chartered Bank, Uganda’s performance is satisfactory if not pretty exemplary.
The Go Global Award recognises and honours government FDIs and economic development agencies as well as businesses that significantly contribute to international investment, commerce, and global well-being.
The programme also celebrates companies excelling in international trade and provides a platform for organisations to achieve their FDI goals.
Each year, around 50 domestic and foreign government economic development agencies and 400 companies, are invited to participate in the exclusive in-person final event round.