Uganda beat six other nations to emerge the best investment destination in East Africa during a global investors awarding ceremony in Abu Dhabi on Monday.
Uganda through its investment authority bagged the gold award for attracting the best investment project in 2022 during the Annual Investment Meeting (AIM) 2023 in Abu Dhabi- a leading platform for investors in the world- where more than 170 countries are taking part in exhibitions and lobbying investments.
Rwanda’s Development Board came second.
The Ministry of Foreign Affairs in a statement welcomed Uganda’s top rank as key to 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.”
Uganda Investment Authority (UIA), one of the agencies representing the country at the meeting termed the development as a “big win”.
Uganda has recently intensified its appeal to international investors, with President Museveni at the forefront of rallying investors from across the world to invest in Uganda’s virgin areas like the mineral and agricultural sectors.
Just last week, Mr Museveni set up the State House Investors Protectorate Unit, as a means to protect investors from what he termed as corrupt government officials who ask for bribes from potential investors and when such investors refuse to give bribes, they are frustrated. The country’s tax regime also tends to have special provisions for foreign investors, such as 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 AIM 2023 has been held under the theme “The Investment Paradigm Shift: Future Investment Opportunities to Foster Sustainable Economic Growth, Diversity, and Prosperity.”
At the meeting, where decision-makers, investors, experts, and academic figures from all over the world gathered to discuss the shift in the global investment landscape, Uganda’s delegation from the UAE Embassy and UIA also includes officials from the Uganda Wildlife Authority, Uganda Export Promotions Board and Uganda Free Zones Authority.
The Annual Investment Meeting is an initiative of the AIM Foundation, an independent international organization fully committed to empower the world’s economy by boosting effective promotion strategies and facilitating opportunities for economic productivity and expansion.
