President Yoweri Museveni is scheduled to officially open the East African Trade and Investment Forum in Kampala today, coinciding with the 19th summit of the Non-Aligned Movement (NAM). The Ugandan government is leveraging this three-day forum, initiated at Kampala Serena Hotel on Monday, with the ambition of attracting a minimum of $1 billion (approximately sh3.7 trillion) in investments across diverse sectors.
Among the sectors targeted for investment are energy, ICT, commercial agriculture, trade, infrastructure, mining, industrialization, tourism, and oil and gas. This forum serves as a platform for investors from the East African Community (EAC) to explore and showcase investment opportunities not only in Uganda but also in other member states of the EAC.
Vincent Bagiire, the Permanent Secretary in the Ministry of Foreign Affairs, disclosed that over 100 investors from NAM member states have arrived, expressing their willingness to invest in Uganda. The government, in collaboration with the ministries of trade and finance, is set to present bankable projects to the potential investors.
According to Robert Mukiza, the Director General of Uganda Investment Authority (UIA), Uganda ranks as the 3rd most rewarding country to invest in Africa. He attributed this status to factors such as robust security measures, a liberal economic regime, and President Museveni’s commitment to facilitating access to markets within the East African Community, the Common Market for Eastern and Southern Africa, the African Continental Free Trade Area, as well as trade agreements with the European Union, China, and the USA under the African Growth and Opportunity Act.
“Uganda is a frontier economy that is transitioning into an emerging economy. You will make money and profits in Uganda,” Mukiza asserted.
Angelo Izama, a UIA board member, emphasized Uganda’s open economy and high protection for private property. He highlighted the country’s market depth, geographic breadth, and its ability to provide access to regional and continental markets. Izama also commended Uganda’s commitment to future growth, particularly in energy and roads, especially in extractive industries.
