In his speech again to speech H.E JULIUS PETER MOTO said that on diplomatic sphere, Uganda and UK enjoys strong bilateral relationships as both countries are members of The Commonwealth of Nations that enabled sharing of enormous benefits. He stressed to engage in trade and investments as his main focus.
He presented the case that Uganda Vision 2040 provides development paths and strategies to operationalize Uganda’s Vision statement which is “A Transformed Ugandan Society from a Peasant to a Modern and Prosperous Country within 30 years”. The Vision 2040 aims at transforming Uganda from a predominantly peasant and low-income country to a competitive upper middle-income country. As far as investments and trade is concerned, Government of Uganda established Uganda Investment Authority to act as The One Stop Centre (OSC) services for business registration, licensing, facilitation and aftercare services to investors.
With the cost of doing business improving in Uganda, the International Monetary Fund has said Uganda’s economy is projected to grow at 6.3% in the current financial year 2018/19 and in the next financial year 2019/2020, following a recovery from the slump during financial year 2016/17.
Uganda is beginning to realise benefits of stability and sound macroeconomic policies in a fully liberalised economy as exemplified by over US$7.5 billion of investments that was attracted during the years 2013-2018. Following his speech at the 8th UCUK in 2018, reports from Uganda Bureau of Statistics indicated that Uganda has exported more goods and services to East African Community (EAC) member countries than any other country, with export value of approximately US$700 million. Uganda enjoys a big market in the heart of Africa, with over 250 million people in the wider COMESA region, about 100 million consumers in EAC and about 41 million in Uganda. These population have great potential to step up consumption of high-quality goods and services.
He invited and encouraged companies in UK and Ireland to invest in Uganda, the Pearl of Africa. Uganda invite investors in the following targeted areas, namely industrial grade sugar for the pharmaceutical industries; starch and textiles sector; Iron and steel to support manufacturing industries; lithium mineral in Uganda; copper mines; tailor made (group) tourism to Uganda and lastly in oil & gas sector, a new discovery with potentials in oil refinery, construction of oil pipe lines and the associated secondary industries that come with it.
In addition to the sectors listed above, he added, there are many other profitable enterprises in all sectors of Uganda’s economy that you can tap into.
As a country, Uganda still face some challenges like supply side bottlenecks that affect the sharing of benefits of investments like sustaining decent jobs countrywide. Uganda is ready for business and you are welcome to do business in Uganda. Ugandans in diaspora are encouraged to invest in the mother land to generate new jobs for Ugandans, expand the tax base of Uganda and above all, make profits in Uganda.