By Mulengera Reporters
With foreign direct investment quadrupling since 2020, Equity Bank and UIA spotlight Uganda as East Africa’s top destination for trade and Ms. Rita Mugura, the Deputy Director for Investment Promotion at the Uganda Investment Authority (UIA), has sounded the alarm for investors to capitalize on Uganda’s booming economy.
Speaking at the Equity Bank Uganda Trade and Investment Webinar held on Thursday, April 24, Mugura emphasized that Uganda is now the fastest-growing economy in East Africa, presenting unparalleled opportunities for investment.
“Why invest in Uganda? It’s simply because Uganda is still growing.” She said, substantiating the claim with compelling statistics, that since 2020, Uganda’s foreign direct investment (FDI) has quadrupled, escalating from USD 666 million to an impressive USD 2.8 billion in 2024 .
Mugura highlighted the government’s commitment to fostering a conducive investment climate, notably through a 10-year income tax holiday for manufacturers who export at least 80% of their products.
This incentive spans sectors such as agriculture, ICT, pharmaceuticals, assembling, and warehousing, aiming to stimulate industrial growth and export diversification.
The webinar, themed “Exploring Trade & Investment Opportunities in Uganda,” featured a panel of experts, including Mr. Stephen Asiimwe, Executive Director of the Private Sector Foundation Uganda (PSFU), Mr. Cleopas Ndorere, Commissioner of External Trade at the Ministry of Trade, and Mr. Roushan Singh, Managing Director of Ramex Petroleum Uganda, with the discussions centering on Uganda’s economic potential and the strategic initiatives to attract and sustain investment .
Equity Bank Uganda has been at the forefront of promoting financial inclusion and literacy, being recognized by the Uganda Financial Literacy Association (UFLA), and receiving accolades for its efforts in advancing financial education, particularly among underserved communities.
Over the past two years, Equity Bank has trained 126,107 individuals, comprising youth, women, and refugees, in financial literacy and entrepreneurship.
These initiatives have yielded tangible results, where the bank has disbursed UGX 89 billion in affordable unsecured credit over the last three years, facilitated the creation of 99,000 jobs, and supported the growth of 6,420 micro-enterprises from micro-level to small-scale operations. Additionally, 82% of these enterprises have remained operational for over 12 months, indicating improved business sustainability.
As Uganda’s economy continues its upward trajectory, bolstered by strategic policies and committed institutions like Equity Bank, it’s clear that the time to invest in Uganda is now. (For comments on this story, get back to us on 0705579994 [WhatsApp line], 0779411734 & 041 4674611 or email us at mulengeranews@gmail.com).
