Emmanuel Kwesiga
May 14, 2024
min
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Uganda Named Africa’s Best Investment Destination at the Annual Investment Meeting in Abu Dhabi U.A.E.

This follows the recognition of the various strategies by the investment agencies in the country to promote direct foreign investment through provision of an enabling environment upon which business thrives all while paying attention to climate change.
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Four days ago, Uganda was named Africa’s best investment destination at a gala dinner in Abu Dhabi U.A.E. This came as a buildup based on the number of significant foreign direct investment projects from the previous year,2023.

The award was received and accepted by Anite Evelyn, the country’s State Minister for Investment and Privatization and Uganda Investment Authority (UIA) officials.

The 13th edition of the AIM- Annual Investment Meeting which was held in Abu Dhabi U.A.E between 7th and 8th May had representatives from more than 170 countries promoting from Africa and the world at large.

Uganda was crowned the best investment destination based on the formerly implemented strategies that resulted in the attraction of foreign direct investment (FDI) of about $1 Billion from the United Arab Emirates in a space of 2 years.

During this period of time (2years) the FDI to Uganda according to statistics from the World Bank, the inflow to this country registered an increase of about $0.14 Billion moving it from $1.36 to about$1.5 billion in FDI as of April 2023 which also marked the end of that business/ investment year.

Speaking of prospects, the foreign direct investments in Uganda add up to upwards of 4% and above towards the country’s gross domestic product as well forecasting an economic growth spurt of about 6% in 2024.

Despite the current status quo in the nation about the EFRIS system, it is important to note that according to some of the conditions on the scoreboard that earned Uganda the award, the strategies that focused on creation of business environments in which businesses would thrive is a major issue that was dwelled upon and strongly considered to rank Uganda the best investment destination.

Among the leading strategies considered were; creating an efficient business environment fronting reliable and efficient transportation systems, reliable electricity and power supply, fast internet connection as well as tax holidays.

Therefore, the award went out to players who continually and avidly support and promote investment within the different parts of the world and the Uganda Investment Authority (UIA), for Uganda.

As a result, Uganda was crowned best investment destination for its efforts in providing the suitable environment for investment to take place, and providing the necessary incentives to attract direct foreign investment in the country as well as promoting a green economy, which fits the climate change fight.

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