At an awards ceremony for global investors held on Monday in Abu Dhabi, Uganda came out on top as the greatest place to invest in East Africa, beating out five other countries in the region.
Uganda, through its investment authority, won the gold award for attracting the best investment project in 2022.
The meeting drew in over 170 countries, all of which are currently exhibiting their wares and vying for investment. Second place went to the Rwanda Development Board.
Foreign investment (FDI), technology transfer, and the promotion of exports and tourism were all highlighted in a statement released by Uganda’s Ministry of Foreign Affairs, which expressed its delight at the country’s top ranking.
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.”
The Uganda Investment Authority (UIA), which was present at the conference, hailed the outcome as a “big win” for Uganda.
President Museveni has been at the forefront of efforts to entice foreign investors to Uganda, encouraging them to put money into previously untapped industries like the country’s agriculture and minerals.
Mr. Museveni just last week established the State House Investors Protectorate Unit to shield investors from corrupt government employees who demand bribes from prospective investors and become irate when those investors fail to comply.
Tax exemptions and holidays lasting over a decade are commonplace in the country’s tax structure, and some foreign investors are even granted free land on which to build companies and access to public services.