ALTHOUGH Uganda is the leading investment destination in Africa, it should have a double-digit growth rate if it is to meet the current challenges of poverty eradication and unemployment, a World Bank official has said.
This is contained in the World Bank Investment Climate Assessment Report released by the Uganda Investment Authority on Wednesday.
â€œThe World Bank will help in transforming Ugandaâ€™s economy. The country is blessed with a good climate suitable for investment in agriculture. This makes it unique amongst sub-Saharan African countries,â€ Judy Oâ€™Connor, the bankâ€™s country director said,
Oâ€™Connor said Uganda is lucky because the people speak English, a language appreciated by foreign investors when choosing investment destinations.
The report says Uganda has made great strides in implementing macro-economic policies geared towards increased foreign direct investment.
According to the report, there is need for Government to develop information technology to attract more investors.
In the report, Dr. William Kalema, who represented the private sector, said the Government should adopt people-centred economic and social policies as demonstrated by the Far East Asian countries.
â€œSmall and medium-scale enterprises will be the main source of wealth creation and employment in Uganda,â€ Kalema said.
Govt told to double economic growth