Uganda has emerged as the best investment destination in East Africa, beating six other nations during a global investors award ceremony in Abu Dhabi on Monday.
KAMPALA, UGANDA | NOW THEN DIGITAL — Uganda has been named the best investment destination in East Africa, beating six other nations, during a global investors awarding ceremony held in Abu Dhabi on Monday.
The country’s investment authority was awarded the gold award for attracting the best investment project in 2022 during the Annual Investment Meeting (AIM) 2023. AIM is a leading platform for investors from around the world, with over 170 countries taking part in exhibitions and lobbying investments.
Uganda Investment Authority (UIA), one of the agencies representing the country at the meeting, called the development a “big win.”
This comes as Uganda intensifies its appeal to international investors, with President Museveni rallying investors from across the world to invest in Uganda’s virgin areas such as the mineral and agricultural sectors.
UIA and other officials from the Uganda Wildlife Authority, Uganda Export Promotions Board, and Uganda Free Zones Authority attended the event, which is held under the theme “The Investment Paradigm Shift: Future Investment Opportunities to Foster Sustainable Economic Growth, Diversity, and Prosperity.”
Welcoming the award, the Ministry of Foreign Affairs issued a statement emphasizing the importance of the top ranking in attracting foreign direct investment (FDI), technology transfer, and promoting the country’s exports and tourism.
Ms. Evelyn Anite, State Minister for Finance in charge of Investment and Privatisation, tweeted, “Congratulations team, we did it for Uganda. This only means more factories and jobs for Uganda and Ugandans.”
Efforts to Attract Investors
President Museveni recently set up the State House Investors Protectorate Unit to protect investors from corrupt government officials who demand bribes from potential investors.
Uganda’s tax regime also has special provisions for foreign investors, including tax waivers and tax holidays spanning nearly a decade, while others are given free land to set up factories as well as free amenities.
The award underscores the country’s efforts to attract more international investments, boost economic productivity and expansion, and foster sustainable economic growth, diversity, and prosperity.
The country’s investment authority bagged the gold award for attracting the best investment project in 2022 during the Annual Investment Meeting (AIM) 2023, a leading platform for investors worldwide where more than 170 countries are taking part in exhibitions and lobbying investments.
Big Win: @ugandainvest wins Gold at the 12th Annual Investment Meeting ongoing in Abu Dhabi, United Arab Emirates, for attracting the best investment project in East Africa in 2022 – Modern Tiles! @RDBrwanda is runner up. @KagutaMuseveni @HonAniteEvelyn @Rwakakamba @MatiaK5 pic.twitter.com/vKyoPNhVTW
— Uganda Investment Authority (@ugandainvest) May 9, 2023
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