FEBRUARY 16, 2024: PUBLIC HOLIDAY, ARCHBISHOP JANANI LUWUM DAY
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Why Invest in Uganda
There are countless reasons to invest in Uganda. The African Development Bank strongly suggests that one should look into retail, construction, and telecommunications. Due to the discovery of oil reserves, investors such as yourself should look towards a country whose mining, transport, and hospitality sectors will grow in leaps and bounds. Similarly, rapid urbanization and commensurate public investment in urban development mean that the country's service sector will only grow faster. Interestingly, a 2015 global survey established that Uganda was the world's most entrepreneurial country – one that would only see an upward trajectory given further clustering of skills and technology, proximity to financial services, and further progress made on improving the regulatory environment. According to the 2020 World Investment Report, the volume of foreign direct investment being infused into Uganda grew by 20% over the previous year, to a record high of US$ 1.3 billion. Investors from Kenya, Germany, Belgium mostly ostensibly agree with the viability of the country's major oil fields, an international oil pipeline, and the coffee and mining sectors.
While the 2020 Index of Economic Freedom clarifies that Uganda is the 102nd freest economy in the world, it is the 10th freest in sub-Saharan Africa. It intends to become an upper-middle-income country by 2040. The expectation is that Uganda will achieve upper-middle-income status by ambitious infrastructure expenditure within an economic environment where property rights are guaranteed by law, and government spending and budget deficits are efficiently managed. In the World Bank's 2020 Doing Business report, Uganda gained 11 places to be ranked 116th out of 190 countries. The notable improvement in ranking was premised on a more aggressive regulatory regime around power outages, a remarkable development of the country's financial services sector, and further privatization of the banking sector. Relatively, Uganda is a shareholder in regional institutions such as the Eastern and Southern African Trade and Development Bank (TDB) and the African Trade Insurance Agency (ATI). TDB is on hand to intermediate both regional and global capital to its Member States, and ATI provides risk mitigation services such as the provision of political risk insurance (PRI).
Invariably, one cannot deny Uganda's strategic location within the Great Lakes region. On top of the country's capacity to become a regional hub of trade and investment, the Pearl of Africa is an integral party to the functional East African Community customs union. Likewise, one can expect that when the African Continental Free Trade Agreement (AfCFTA) is fully implemented, Uganda will play a critical role in further boosting and facilitating intra-African trade.