NAM Summit: Uganda is the best investment destination – Museveni

_________________________

KAMPALA - President Yoweri Museveni has rallied investors to invest in Uganda, saying it (Uganda) is a resource-rich country with a significant opportunity for exports, light manufacturing and the best investment destination.

The President urged the investors to interest themselves in the oil and gas sector, with its commercial production scheduled to start in 2025.

Other resources he mentioned that investment should be put included; Beryl, Chromite, Lead, Lithium, Silver, Zinc, Kyanite, Feldspar and Diatomite, Manganese, Diamond, uranium, iron ore, Vermiculite, Limestone and marble, gold, graphite, aluminous clay rich in Rare Earth Elements (REE), Phosphate and Iron.

The President made the remarks Tuesday at Serena Hotel in Kampala in his speech read by the Vice President Jessica Alupo during the official opening of the East African Trade and Investment Forum that is running concurrently with the 19th summit of the Non-Aligned Movement (NAM).

The President made the remarks Tuesday at Serena Hotel in Kampala in his speech read by the Vice President Jessica Alupo during the official opening of the East African Trade and Investment Forum that is running concurrently with the 19th summit of the Non-Aligned Movement (NAM). (All Photos by Eddie Ssejjoba)

The three-day forum, which started Monday, aims to attract at least $1b (about sh3.7 trillion) worth of investments in various sectors of the economy by the Ugandan government.

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

According to Museveni, Uganda is currently the best investment destination because her US$ 50 billion economy enjoys market linkages within the US$305 billion East African Community (EAC) economy – the fastest growing and most diversified economic bloc on the African Continent.

The three-day investment forum, which started Monday, aims to attract at least $1b (about sh3.7 trillion) worth of investments in various sectors of the economy by the Ugandan government.

“Uganda is centrally located, providing access to the regional markets of the EAC, the Common Market of East and Southern Africa (COMESA), and the Africa Continental Free Trade Area (AfCFTA) with over 55 Member States. 

The African Continental Free Trade Area created a market of 1.4 billion consumers, making it the ideal partner for trade and investment. Therefore, the Agreement on Africa Continental Free Trade Area (AfCFTA) will increase trade among Africans by about 33 percent and boost investment in Africa,” Museveni said.

Museveni explained that although starting from a very low base, Uganda has maintained a relatively stable and robust economic growth rate over the years at an average of about 6.2% in the past 37 years. 

“Uganda’s GDP per capita, now at US$1,100, is fast rising and thus promising a sustainable market for local production of fast-moving consumer goods and services, making the country highly rewarding.”

Finance Minister Matia Kasaija remarks.

He added, “Uganda continues to enjoy a stable macroeconomic environment characterized by low inflation (now at 2.6%), stable currency, and high sustained growth. Uganda’s economic outlook is very optimistic. This is mainly because of the consistent support to the private sector through supportive policies that create a business-friendly environment.” 

Museveni explained that Uganda is a liberal economy with open trade policies and a liberal investment regime, and all sectors are open for investment. 

He further stressed that the country allows free movement of exports and imports and free movement of capital with unrestricted transfer of dividends.

Jan Sadek, Head of the European Union Delegation to Uganda.

“Uganda has a very generous incentives regime to ensure profitability of investments and business growth. This includes, among others, free land, serviced industrial parks and manufacturing zones, available and cheap electricity to manufacturers, good transport network, tax holidays for those adding value to our raw material and creating jobs plus other financial incentives. These are detailed in our tax laws and investment code,” he said.

Museveni revealed that Uganda has gained competitiveness in recent years in several tradeable goods including animal products such as beef and milk, agricultural products especially coffee, tea, fish, sugar, fresh and processed food and industrial products such as cement, iron and steel products, light manufactured goods, among others.

All Photos by Eddie Ssejjoba
___________________________

Vice President Jessica Alupo arrives to officiate the opening of the East African Trade and Investment Forum, running concurrently with the 19th Non-Aligned Movement (NAM) Summit.

Vice President Jessica Alupo arrives to officiate the opening of the East African Trade and Investment Forum, running concurrently with the 19th Non-Aligned Movement (NAM) Summit.

Vice President Jessica Alupo welcomed.

Vice President Jessica Alupo delivers President Museveni’s speech.

Investment state minister Evelyn Anite remarks.

Guests and investors