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Uganda enjoys a unique location at the heart of Sub-Saharan Africa, lying astride the equator in East Africa. It is home to the snowcapped Rwenzori Mountains and some of Africa's biggest bodies of water, including the Nile River, which has its source in Uganda, and Lake Victoria, the world's largest tropical body of water, which is shared among three countries - Uganda, Kenya and Tanzania. It also boasts the western escarpments of the Great Rift Valley and is home to a variety of unique flora and fauna. Uganda has a moderate equatorial climate with warm temperatures all year round. The country borders South Sudan to the north, Kenya to the east, the United Republic of Tanzania to the south, Rwanda to the south-west and the Democratic Republic of Congo to the west. Uganda's landlocked position and strategic location makes it an ideal regional trade and investment hub.
Uganda, has a population of over 44 million people and a GDP of US$ 38 billion. The Uganda Government has an open, liberal financial system that welcomes foreign direct investment (FDI) and offers tax incentives to FDI (minimum of US$ 250,000). FDI in Uganda surged by 80% to US$ 1.75 billion in FY 2018/2019, driven by the construction and manufacturing sub-sectors. In part, this has made Uganda the second largest FDI recipient in the EAC region and the fastest-growing economy in the region. Uganda's stock of outstanding private sector credit grew by 5 percent from US$ 4.74 billion at the end of June 2020 to US$ 4.98 billion at the end of December 2020.
INVEST IN UGANDA
Uganda boasts a market-based economy rich in natural resources, and one of the fastest-growing and youngest populations in the world. With comparative advantages in agriculture and expected recoverable oil reserves of over 1.5 billion barrels, Uganda is seeing increasing interest among foreign investors. Uganda maintains a liberal trade and foreign exchange regime. According to UBOS, in 2020, the top three countries exporting goods and services to Uganda were China ($1.1 billion), Kenya ($809 million), and India ($767 million) and the top three countries importing goods and services from Uganda were United Arab Emirates ($1.8 billion), Kenya ($465 million), and South Sudan ($357 million).
THE TOP FIVE REASONS TO INVEST IN UGANDA:
Growing Free Market Economy: Uganda had averaged 5% GDP growth in the five years prior to the COVID-19 pandemic in FY 2019/20. Despite the economic impact of the COVID-19 pandemic, 5.9% average growth is projected over the next three years, according to the IMF.
Substantial and Rapidly Growing Consumer Market: Uganda's population of nearly 45 million people is growing at a rate of 3% per year, with half of the population under the age of 15.
Dynamic Agricultural Market: Uganda has abundant fertile land, favourable weather, and bimodal production throughout most of the country.
Emerging Oil Industry: Uganda has an estimated 1.4 billion barrels of recoverable oil, and the government projects oil production will begin in approximately 2025. In April and May 2021, Uganda, Tanzania, and Total - the majority shareholder in Uganda's oil fields – signed a series of agreements unlocking Uganda's hydrocarbon reserves for export through Tanga in Tanzania.
EAC Customs Union: Uganda's membership in the EAC Customs Union enables duty-free exports to the 160 million-person EAC market, as well as duty-free exports of a wide range of goods to the United States via AGOA and the Generalized System of Preferences.
THE TOP FIVE SECTORS TO INVEST IN, IN UGANDA:
AGRICULTURAL VALUE ADDITION
Agriculture employs approximately 72% of the population and contributes about 32% to the GDP. However, the widespread use of traditional methods and equipment limits productivity. Uganda is a leading producer of coffee, bananas and oil seeds (sesame, soybean, sunflower), and a major producer of tea, cotton, organic cotton, tobacco, cereals, fresh foods and vegetables, nuts, essential oils, flowers, poultry and freshwater fish.
The Ugandan Government is pushing for greater commercialisation of agriculture by encouraging the use of irrigation and mechanised farming.
Opportunities for investment exist in:
- Commercial farming (crops, animal industries and aquaculture)
- Value addition (Agro-industries and Agro-food industries)
- Manufacturing of inputs (improved seeds, fertilisers and pesticides)
- Cold storage facilities and logistics
- Farm machinery manufacture and assembly
- Packaging
- Irrigation schemes
TOURISM
Uganda is ranked as a top tourist destination and one of only three countries with about half of the world's endangered mountain gorillas. Game viewing is popular because of the wide variety of game including the rare tree-climbing lions of Ishasha, white rhinoceros, and elephants and 11% of the world's bird species; a total of 1,060 bird species. It is also blessed with unspoiled scenic beauty including forests, hills and mountains, rivers and lakes. Steadily growing tourist numbers are estimated to have reached 1.5 million per year, contributing 7.7% to GDP.
Opportunities in tourism include:
- Development of high-quality accommodation facilities
- Operating tour and travel circuits
- Development of specialised eco and community tourism facilities and faith-based tourism
MINERAL VALUE ADDITION
More than 80% of Uganda has been surveyed for mineral quantities and locations and geo-data shows large underexploited mineral deposits of gold, oil, high-grade tin, tungsten/wolfram, salt, beryllium, cobalt, kaolin, iron ore, glass sand, vermiculite, phosphates, uranium and rare earth elements. There are also significant quantities of clay and gypsum.
Investment opportunities exist in mining and mineral processing with special incentives provided to the mining sector, including writing off capital expenditures in full.
ENERGY
Energy is the prime mover of a country's economic growth and prosperity and Uganda needs adequate, reliable and affordable energy to enhance sustainable development; making energy a priority sector for development.
The oil and gas sector has significant potential to contribute to inclusive growth in the country as it is expected to bring in investments of US$15 - US$20 billion in the next three to five years. With the discovery of 6.5 billion barrels of oil, 1.2 billion barrels of it recoverable, it is anticipated to spur two major investments: an oil refinery that will process 60,000 barrels per day and the 1,445km EACOP oil pipeline from Hoima in Uganda to the Port of Tanga in Tanzania. Uganda's policy on local content will unlock many opportunities for investors and Ugandans
Opportunities exist in:
- Community Development
- Upgrading Transport Infrastructure
- Development of the petroleum-based industrial park in Kabaale, Hoima
EDIBLE OIL PRODUCTION
Uganda combines a rapidly growing market of nearly 40 million people with access to the EAC market of 175 million people. With the lowest cost and fastest-growing labour force in the region, suitable land availability, and an investor-friendly environment, Uganda is a good location for edible oils.