Uganda has been recognised and awarded as the best investment destination in East Africa.
This was during the Annual Investment Meeting (AIM) 2023 held in Abu Dhabi, United Arab Emirates (UAE) in May 2023.
The AIM 2023 was held under the theme, The Investment Paradigm Shift: Future Investment Opportunities to Foster Sustainable Economic Growth, Diversity, and Prosperity.
AIM is a leading platform for investors around the world and over 170 countries took part in the global investment meeting and exhibition where Uganda also set up a pavilion.
It is an initiative of the AIM Foundation, an independent international organization committed to empowering the world’s economy by boosting effective promotion strategies and facilitating opportunities for economic productivity and expansion.
The meeting attracted decision-makers, investors, experts, and academic figures from all over the world, who gathered to discuss the shift in the global investment landscape.
Uganda was represented by the country’s embassy in the UAE with the consulate in Dubai together with Uganda Investment Authority, Uganda Wildlife Authority, Uganda Export Promotions Board and Uganda Free Zones Authority.
Why Uganda won the gold medal
Uganda is attractive because of the growing internal market of nearly 45 million, strategic location in the heart of Africa, with a combined market population of over 700 million in the East African Community and the Common Market for Eastern and Southern Africa.
With the country’s President Yoweri Museveni being one of the top advocates of free continental trade, investing in Uganda would be a strategic idea.
Already Uganda has gazzetted 25 spots located across the country to set up industrial parks. Some of these industrial parks are already operating in the central and eastern part of Uganda.
The country is also constructing border markets to facilitate quick trade with neighbouring countries such as the Democratic Republic of Congo, South Sudan, Kenya, Tanzania and Rwanda.
Uganda has recently been taking part in various global expos aimed at marketing the country’s potential.
The East African country was part of the Dubai Expo 2020 which took place between October 2021 and March 2022 having been postponed due to COVID-19.
Business deals worth $2 billion were signed within the six months of the expo.
The 2020 Dubai Expo attracted at least 200 countries and hundreds of potential investors under the three sub-themes of Opportunity, Sustainability and Mobility.
Morrison Rwakakamba, the board chairman of Uganda Investment Authority said the deals were mostly in agro-processing, mining, renewable energy, pharmaceuticals and industrial park development.
“The expo signifies Uganda’s commitment to private sector development and indicates renewed focus to further increase the promotion of Uganda’s abundant investment potential,” Rwakakamba said then.
The country has also organized various expos in the United States of America, United Kingdom, Saudi Arabia, Democratic Republic of Congo and South Africa among others.
Uganda has also appointed trade representatives in different countries across the globe aimed at easing inter-state trade and investment ventures.
