Uganda has clinched the prestigious title of the best investment destination in Africa at the Annual Investment Meeting (AIM) held in Abu Dhabi, UAE.
The country’s investment authority emerged victorious, securing the ‘best investment destination in Africa’ award for 2024.
State Minister for Investment, Evelyne Anite, proudly announced the achievement, highlighting Uganda’s excellence on the global investment stage.
“Uganda has been awarded a recognition award of the best investment destination in Africa,” exclaimed Anite, underscoring the country’s attractiveness to investors.
This isn’t the first time Uganda has been recognized for its investment appeal. In 2023, the East African nation received the award for the “Best Investment Destination in East Africa,” further solidifying its position as a key player in the region.
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Impressive Foreign Direct Investment (FDI)
Uganda’s efforts to attract foreign investment have yielded substantial results, with the country attracting over $1 billion in Foreign Direct Investment (FDI) from the UAE alone over the past two years.
The Ministry of Finance, Planning, and Economic Development reported a notable increase in FDI inflows, rising from $1.36 billion in April 2022 to $1.5 billion by April 2023.
The World Bank has highlighted FDI’s significant contribution, accounting for over 4% of Uganda’s gross domestic product (GDP).
Despite challenges, the country’s economic growth is projected to rise from 5.3% in 2023 to 6.0% in 2024, showcasing Uganda’s resilience and potential.
Uganda’s success in attracting FDI can be attributed to various strategic initiatives aimed at creating an enabling business environment.
These include ensuring reliable electricity, efficient transportation infrastructure, tax incentives such as holidays, and high-quality internet connectivity.
Global Recognition
The AIM Global Investment Awards recognize and celebrate the achievements of top-performing investment promotion agencies worldwide.
With over 170 countries participating in exhibitions and promoting investments, Uganda’s recognition underscores its outstanding performance in attracting significant investment projects.
Conclusion
Uganda’s recognition as the best investment destination in Africa is a testament to its commitment to fostering a conducive environment for investors.
With a strong focus on infrastructure development and business-friendly policies, Uganda is poised to attract even more foreign investment and drive economic growth.
