Uganda has been heralded as the premier destination among the best countries to invest in Africa. This recognition came during the prestigious Annual Investment Meeting (AIM) in Abu Dhabi, UAE, where Uganda was celebrated for its strategic initiatives to attract foreign direct investment (FDI).
As one of the best African countries to invest in, Uganda has successfully drawn over $1 billion in FDI from the UAE in the past two years alone. The country’s commitment to creating a favourable business environment was acknowledged with the gold award at AIM, reaffirming its status from the previous year as the “Best Investment Destination in East Africa.”
The Ministry of Finance, Planning and Economic Development (MoFPED) indicates that FDI inflows into Uganda increased from $1.36 billion in April 2022 to $1.5 billion by April 2023, underscoring its robust investment appeal.
Key Drivers of Investment in Uganda
Uganda’s ascent as one of the best countries to invest in Africa is driven by its dedication to improving infrastructure and investment incentives. The government has implemented measures such as reliable electricity supply, efficient transport networks, tax incentives, and superior internet services. These initiatives enhance the operational effectiveness and profitability for businesses, making Uganda a top choice for investors.
According to the World Bank, with an economic growth projection rising from 5.3% in 2023 to 6.0% in 2024 and FDI contributing over 4% to the GDP, Uganda’s economic prospects remain bright.
Recognition at the AIM Global Investment Awards
At the AIM Global Investment Awards, which saw over 170 countries participate, Uganda was recognized for its exemplary efforts in attracting significant investment projects. This accolade positions Uganda prominently among the best African countries to invest in.
Conclusion
For investors looking at the best countries to invest in Africa for 2024, Uganda offers a compelling opportunity. Its strategic focus on fostering a supportive economic environment and its continuous growth make it an ideal investment destination. As Uganda maintains its dynamic approach to economic development, it solidifies its position as a leader among the best African countries to invest in.
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