President Yoweri Museveni is today (Tuesday) expected to officially open the East African Trade and Investment Forum in Kampala which is running concurrently with the 19th summit of the Non-Aligned Movement (NAM).

The Ugandan government is banking on this three-day forum, which started on Monday at Kampala Serena Hotel, to attract at least $1b (about sh3.7 trillion) worth of investments in various sectors of the economy.

The sectors include energy, ICT, commercial agriculture, trade, infrastructure, mining, industrialisation, tourism, and oil and gas.

The forum brings together big investors from the East African Community (EAC) to showcase and explore the investment opportunities in Uganda and other EAC member states, according to the government. 

Vincent Bagiire, the permanent secretary in the Ministry of Foreign Affairs, told the media last Friday (January 12) that over 100 investors jetted in from the NAM member states.

“The over 100 investors are willing to invest in this country and a team led by the ministries of trade and finance are going to present bankable projects,” he said. 

Rewarding country

Robert Mukiza, the director general of Uganda Investment Authority (UIA), told New Vision recently 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,” he 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 board member of UIA, said 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.