Munyonyo — The Minister of State for Investment and Privatisation, Hon. Evelyn Anite, has urged investors from the United Arab Emirates (UAE) to take advantage of Uganda’s stability, strategic location, and growing economy, describing the country as “peaceful, profitable, and prosperous.”
Speaking at the 4th Uganda–UAE Business Forum at Speke Resort Munyonyo, Anite said Uganda remains one of Africa’s most attractive destinations for investment and trade. The three-day forum, running from October 27–29, 2025, seeks to deepen partnerships in investment, tourism, innovation, and technology between the two countries.
“Uganda is a country of three P’s: peaceful, profitable, and prosperous,” Anite told delegates. “You are already prosperous, but you will be even more prosperous if you invest in Uganda.”
She commended Uganda’s Ambassador to the UAE, Zaake Kibedi, for his tireless efforts in attracting US$3.5 billion in foreign direct investment (FDI) from UAE-based companies. “It is no small feat to attract FDI worth US$3.5 billion. Thank you very much, Ambassador, and congratulations,” she said. “If all our ambassadors understood their roles abroad the way you do, we would be very proud as a country.”
Anite applauded the UAE business delegation, particularly representatives from Fujairah, for choosing Uganda as an investment destination. “To our brothers from Fujairah, welcome—you have come to the Pearl of Africa. When you come here, we shall also come to you. It’s a two-way traffic,” she added.
Uganda’s Growth Story and Vision 500 Billion
Highlighting Uganda’s economic progress under President Yoweri Kaguta Museveni, Anite said the country’s steady growth—averaging 7% annually—has created a conducive environment for investment.
“Under the leadership of our Head of State, Uganda’s economy has been growing at an average rate of 7%. We have an ambitious plan—to grow our economy to US$500 billion in the next ten years,” she said. “We cannot achieve that without partnering with strong economies like the UAE.”
She noted that the business forum, now in its fourth edition, has grown significantly since the first Uganda–UAE summit, which had just 100 participants.
“Today, we are over 300 people in this room. Back then, we had only one UAE company investing in Uganda. Today, we are celebrating US$3.5 billion worth of FDI,” Anite said, attributing the progress to consistent engagement between Uganda and the UAE’s chambers of commerce.
‘Uganda Is the Most Profitable Destination’
Anite, who is also an entrepreneur in hospitality, cosmetics, and textiles, told investors that Uganda guarantees high returns. “Don’t look at me only as a policymaker—I am also an entrepreneur. When I say Uganda is the most profitable investment destination in East Africa, if not Africa, I mean it,” she said.
She cited examples of successful investors, including Ashish Manpara, who reported up to 150% returns on investment, and Paul Zarr, who started with just US$10,000 and now owns 75 factories employing over 11,000 Ugandans. “That’s what Uganda offers—peace, profit, and prosperity,” Anite said, drawing applause from the audience.
She emphasised Uganda’s strategic location as a gateway to regional markets, including the Democratic Republic of Congo, South Sudan, and the Horn of Africa, noting that Uganda’s peace and openness have made it a hub for education, trade, and manufacturing.
Call for Affordable Credit and Infrastructure Investment
While praising Uganda’s business climate, Anite acknowledged that local entrepreneurs still face challenges accessing affordable financing.
“Our main challenge is access to credit. Ugandan entrepreneurs are hardworking and innovative, but they lack affordable financing,” she said. “So, to our brothers from Sharjah and other chambers—please help us bridge this gap. Bring affordable credit facilities to Uganda so that our entrepreneurs can grow.”
She called for fintech partnerships to boost access to affordable loans and commended the Uganda Development Bank (UDB) for its role in providing loans at 12%. However, she urged UAE financiers to help Uganda match global interest rates of 1–2%.
Anite also invited UAE investors to explore opportunities in transport and mineral value addition, noting the government’s commitment to industrial infrastructure development.
“We are building standard gauge and meter gauge railways and want investors in water transport. Uganda has many lakes and rivers that can facilitate regional trade,” she said. “We are also inviting investors in gold refineries and mineral processing. Imagine if the beautiful jewellery we wear was made here in Uganda—it would create jobs and keep forex in the country.”
Liberalised Economy and Investor Confidence
Anite reaffirmed that Uganda’s liberalised economy allows investors to freely repatriate their profits after meeting tax obligations, a policy that has boosted investor confidence. “After paying your taxes and utilities, you are free to move your profits or reinvest them. That freedom has attracted many investors and helped us maintain confidence in our economy,” she said.
The minister—who was dressed in yellow—remarked humorously about heading to the campaign trail but reaffirmed her confidence in Uganda’s business community.
“Before I go, let me assure our visitors that Ugandans are trustworthy partners. Work with them confidently, build strong partnerships, and always put agreements in writing,” she said. “May God bless you all, and may Uganda–UAE relations continue to grow from strength to strength.”
Industrialisation and Trade
Speaking to journalists after the forum, Anite said Uganda’s partnership with the UAE is transforming its industrial landscape. “From our first summit, where we had zero investment, we now have US$3.5 billion in FDI,” she said. “These investments span hospitality, oil and gas, and manufacturing, thanks to continuous engagement between our two countries.”
She emphasised that Uganda’s focus on rail and water transport, fintech, and gold refineries reflects the government’s strategy to unlock value chains and access regional markets, including the African Continental Free Trade Area (AfCFTA) with 1.4 billion people.
“We currently have about 50,000 factories, and our goal is to reach 100,000 within the next decade,” she said. “With oil and gas, improved electricity, and 25 industrial parks, we’re confident of attracting more industries through our investor-friendly policies.”
The 4th Uganda–UAE Business Forum brings together over 300 delegates, including government officials, investors, and representatives from chambers of commerce across both countries. The event aims to promote investment, trade, tourism, innovation, and technology transfer, strengthening the bilateral partnership between Uganda and the United Arab Emirates.
