Uganda Clinches ‘Best Investment Destination in Africa’

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Uganda has achieved a significant milestone in its investment landscape, securing the prestigious title of ‘Best Investment Destination in Africa’ at the 2024 Annual Investment Meeting (AIM), as announced by the State Minister for Investment, Evelyne Anite.

The gold award, according to the Business Insider Africa, bestowed upon Uganda, marks a remarkable achievement in the country’s efforts to position itself as a prime destination for investment opportunities on the continent.

“Uganda has been awarded a recognition award of best investment destination in Africa,” stated Minister Anite on Wednesday morning, underscoring the nation’s growing appeal among global investors.

This accolade follows Uganda’s recognition in 2023 as the ‘Best Investment Destination in East Africa,’ further solidifying its reputation as an attractive hub for foreign investment.

Statistics from the Ugandan embassy in the UAE reveal a substantial influx of Foreign Direct Investment (FDI) into the country, with over $1 billion garnered from the UAE alone in the past two years.

The Ministry of Finance, Planning, and Economic Development (MoFPED) has reported a notable increase in FDI inflows into Uganda, rising from $1.36 billion in April 2022 to $1.5 billion by the end of April 2023.

Uganda’s economic prospects continue to shine, with FDI contributing over 4% to the country’s gross domestic product (GDP), according to the World Bank. Despite challenges such as sanctions from the West, Uganda is poised for economic growth, with projections indicating a rise from 5.3% in 2023 to 6.0% in 2024.

To bolster its appeal to investors, Uganda has implemented a series of strategic measures aimed at creating a conducive business environment. These initiatives include ensuring reliable electricity, efficient transportation infrastructure, offering tax holidays, and enhancing internet connectivity.

The AIM Global Investment Awards, renowned for recognizing excellence in investment promotion agencies worldwide, honored Uganda for its outstanding achievements in attracting significant investment projects.

With over 170 countries participating in exhibitions and investment promotion activities, the AIM serves as a platform to showcase investment opportunities and celebrate the successes of nations like Uganda in fostering a conducive environment for sustainable economic growth and development.