Uganda has won this year's Global Investment Catalyst Award in Rhode Island, USA.

The award in the 2023 Go Global Awards enhances 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).

Uganda’s ambassador to Washington D.C, Robie Kakonge, received the award recently on behalf of Uganda.

Amb. Robie Kakonge revceives the award from Elizabeth Tanner, the Rhode Island Secretary of Commerce. (Courtesy Photo)

This was at the event hosted by the Rhode Island Secretary of Commerce, Elizabeth Tanner, the Rhode Island Commerce Corporation, and the International Trade Council from November 6-8.

UIA explains

The chairman of UIA, Morrison Rwakakamba, said this award will motivate them to work even harder and promote Uganda as the best investment destination in Africa.

He also said this award recognizes Uganda as a top and favourable investment destination and it is not by surprise.

"The National Resistance Movement government under the leadership of Gen. Yoweri Museveni has implemented correct policies that reduce cost of doing business and engendered safe, stable and predictable environment for investors to make medium term and long term investment decisions," he said.

Rwakakamba also said this award comes after that of the best investment destination award in East Africa, which UIA won in the United Arab Emirates early this year.

Uganda also topped the investment index rakings by 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," he said.

The director general of UIA, Robert Mukiza, said the award is testimony to efforts being made to promote and attract investments in Uganda.

He told New Vision that Uganda is the 3rd most rewarding country to invest in Africa.

“The security of person and property, liberal economic regime and the President’s dedication to ensure access to the markets of East African Community, the Common Market for Eastern and Southern Africa, the African Continental Free Trade Area as well as trade deals with European Union (everything but arms), China, USA—African Growth and Opportunity Act—make Uganda a very profitable investment destination,” Mukiza said.

“Uganda is a frontier economy that is transitioning into an emerging economy. You will make money and profits in Uganda,” he added.

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.

"I think it has to do with the fundamentals for businesses operating in Uganda. Uganda has always been an open economy and protections for private property are high. It has market depth and breadth geographically and is able to complement as well as provide access to regional and continental markets,” he said.

Izama also said Uganda’s public investments show a commitment to future growth in areas such as energy and roads, especially in extractives.

He noted that the Government is also very attentive to the interests of investors and the private sector. 

About the awards

The 2023 Go Global Awards recognizes and honors government foreign direct investment (FDI) and economic development agencies as well as businesses that significantly contribute to international investment, commerce, and global well-being.

The program 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.