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Uganda is Open for Investment, Minister Oryem tells German Investors
Minister Okello Oryem addressing the Delegates at the forum
The Minister of State for Foreign Affairs, Okello Oryem, has told German investors that Uganda is open and ripe for investment.
Speaking at the Uganda-German trade, investment and tourism Forum held at Serena hotel Kampala, Oryem said that Uganda’s economy has for the last 32 years, witnessed an upward trajectory growing at an average of over six (6) percent.
He noted that the Global Entrepreneurial Monitor ranked Uganda as the world’s most entrepreneurial country saying Uganda offers opportunities to everyone across the value chain.
Oryem, revealed that the opportunities are in areas as diverse as, Agriculture, Energy, Minerals, Tourism, ICT, Oil and Gas, Real Estate, Pharmaceutical and many more.
“Whether one wants to utilize Uganda as their target market or as a regional getaway, investors and entrepreneurs will find a myriad of opportunities,” he noted.
Oryem noted that, Germany is one of Uganda’s most important trading partners.
He said the trade volumes have grown over the years with exports to Germany pecked to $94,585 in 2018, then reduced to $79,728 in 2019 and registered exponential growth by $14,081 to $93,809. Uganda’s exports to Germany are mainly in agriculture products.
These include coffee, tea, vanilla and pepper among others. We also import a number of products from Germany. These include Pharmaceutical products, electrical machinery, vehicles, textiles and plastics.
Oryem further noted that Uganda has an open, diversified and robust economy, with a well-developed financial and banking sector.
“The economy is well regulated and highly liberalized, all sectors are open for investment and there is free movement of capital to and from the country. Uganda is located in the heart of Africa and offers a gateway to regional markets. The country’s strategic location makes it a gateway to diverse markets in Africa,” he said.
Adding, “Human capital development is considered a fundamental enabler for socio-economic transformation of a country and Uganda is no exception.”
Oryem revealed to the delegates that government is placing great emphasis on infrastructure development as infrastructure is considered a critical enabler for socio-economic transformation.
“For instance the construction of Uganda-DRC road will facilitate increase of Trade between DRC and Uganda but also within the Region. The road will also contribute to regional stability in terms of security,” he said.
Oryem said that the government has invested heavily in the education and skilling of its young people, where Uganda has a skilled workforce with many young people that are well educated and highly adaptable to any work environment.
“Ugandans are also very friendly and hospitable people to work with, as a destination, Uganda enjoys a stable and secure environment and is a unique country to visit,” he said.
He noted that Uganda is a multicultural country whose diverse landscape encompasses the snow-capped Rwenzori Mountains and Lake Victoria-the second largest in the world and the principal source of the great River Nile.
“With abundant wildlife, Uganda contends for best destination in Africa for wild game drives. I hope you will find time to explore the beautiful nature and diverse cuisines and cultures that Uganda offers,” Oryem said.
The Deputy Head of Mission at the Ugandan Embassy in Berlin- Germany, Dan Ssozi, noted that Uganda is pursuing an ambitious development agenda.
Ssozi urged Ugandans to ready them selves for the investment opportunities and partnerships.
The Uganda Revenue Authority, Commissioner General, John Musingunzi noted that the country is providing tax holidays and incentives to investors.
The meeting was attended by Matthias Schauer, Ambassador Extraordinary and Plenipotentiary of the Federal Republic of Germany to Uganda, Germany investors, public and Private sector.
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