Uganda’s UIA Triumphs as Global ‘Investment Catalyst’ at Go Global Awards

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Uganda, through the Uganda Investment Authority (UIA), has earned the prestigious ‘Investment Catalyst’ award at the Go Global Awards. Acknowledged for its favorable business environment and government policies, Uganda also secured top rankings from the University of Oxford and the African Development Bank.

Morrison Rwakakamba, the Chairman of the UIA Board

Uganda, through its investment agency, Uganda Investment Authority (UIA), has won an award of greatest ‘Investment Catalyst’ in the world.

The Go Global Awards program honors businesses that excel in providing international services and gives businesses a platform to meet their objectives for foreign direct investment.

The Go Global Awards were held this year at the Omni Hotel in the center of Providence, Rhode Island, USA, from November 6–8, 2023.

“Morrison Rwakakamba, the Chairman of the UIA Board, stated that the NRM government, led by President Museveni, has implemented correct policies that reduce the cost of doing business and engendered a safe, stable, and predictable environment for investors to make medium- and long-term investment decisions. Therefore, it is not surprising that Uganda is becoming more recognized as a top and favorable investment destination.”

“This award follows the top investment index rankings by University of Oxford and the African Development Bank, as well as the best investment destination award in East Africa that UIA won in the United Arab Emirates earlier this year,” he continued.

Uganda was named the top East African investment destination in 2023 at the Abu Dhabi Annual Investment Meetings Awards.

According to the Africa Development Bank’s (AfDB) Africa Industrialization Index 2022, Uganda was also placed in the top 10 for industrial development. 

UIA promotes and facilitates investment in Uganda’s developing economy by acting as an “investment catalyst.”

With a GDP of more than $40.4 billion, Uganda’s economy is still the fastest-growing in the East Africa Community (EAC) according to World Bank data from 2021. Oxford Economics ranked Uganda as the third most lucrative place to invest in Africa.

Foreign Direct Investment inflows into Uganda have “consistently increased despite the COVID-19 pandemic,” according to UIA Executive Director Robert Mukiza.

“For instance, FDI inflows increased from $807 million in 2019 to $921 million in 2020 and $1.14 billion in 2021,” he continued. Uganda’s liberalized business environment, proximity as a logistics hub within the Great Lakes region, stable and consistent macroeconomic policies, and increased regional trade were major contributors to this.

With an annual salary of $440 for unskilled production workers, Uganda is also regarded as the second most biodiverse nation in Africa and has the lowest labor costs in East Africa.

Furthermore, 90% of Uganda’s workforce is between the ages of 15 and 24, making it the country with the highest adult literacy rate in the East African Community.

Rwakakamba said the new award won in Rhode Island will “further catalyse investment for Uganda in the four core sectors of agribusiness, manufacturing, ICT and services for the coming months and years ahead.”

The event is held over a period of three days and provides a platform where leaders of inter- national companies come together to pitch for an award, make new connections, exchange knowledge, receive information on foreign direct investment opportunities, and develop strategies as well as establish lucrative new partnerships to drive business forward.

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