PS Ggoobi Woos French Investors with Ambitious Growth Plan at Paris Conference

At the Uganda Investment, Tourism, and Trade Conference in Paris, France, the Permanent Secretary of the Ministry of Finance, Planning and Economic Development (PSST), Ramathan Ggoobi, extended a compelling invitation to French investors to take part in Uganda’s exciting and economically rewarding future.

The conference, which runs from February 17-20, 2025, is a key platform for Uganda to promote its National Development Plan (NDP IV) and ambitious goal of growing its economy to $500 billion (£476 billion) in the next 15 years.

“We have a brand-new National Development Plan anchored on a Tenfold Growth Strategy,” said Ggoobi, emphasising Uganda’s key investment priorities.

These include agro-based industrialisation, tourism, mineral-based industrialisation, and the advancement of science, technology, and innovation, particularly in IT.

In addition to the ATMS sectors, Ggoobi highlighted numerous other investment opportunities across various industries, such as construction, electricity, irrigation, water management, and industrial parks.

He emphasised the growing economic partnership between France and Uganda, citing the establishment of the French Chamber of Commerce in Uganda as a significant milestone. France became the first European Union country to set up such a chamber in Uganda, reflecting the strengthening ties between the two nations.

Ggoobi also noted that French companies have already committed to investing over €3.8 billion in Uganda between 2025 and 2027. This investment is in addition to ongoing major contributions from Total Energies in Uganda’s oil and gas sector. Currently, over 40 French companies operate in Uganda, employing around 3,000 Ugandans and contributing significantly to the country’s tax revenue.

“I am here to invite you to Uganda for three key things: invest in Uganda, export Uganda’s products to the EU, and come visit Uganda to explore its natural wonders, biodiversity, culture, and new experiences,” Ggoobi said.

He assured investors that the Ugandan government would provide all necessary support to help them establish businesses and enjoy a comfortable, secure experience while visiting the Pearl of Africa.

Uganda’s investment climate is highly attractive, with an average return on investment (RoI) of 14%, one of the highest in the world. In 2023, Uganda was ranked the third most rewarding economy to invest in within Africa.

The country’s macroeconomic stability, low inflation, sustained GDP growth, and stable currency have made it a standout in the region. Investors also benefit from tariff-free and quota-free access to markets within the East African Community (EAC), COMESA, the African Continental Free Trade Area (AfCFTA), the European Union, China, and India, among others.

With policies that support private sector growth, including generous incentives like free land for industrial development, subsidized power tariffs, and 100% foreign ownership of projects, Uganda presents an unparalleled opportunity for investors. Additionally, Uganda boasts one of the lowest labour costs in the region and guarantees 100% profit repatriation after tax.

Ggoobi concluded his remarks by emphasising Uganda’s favourable climate, both in terms of its weather and business environment, making it a prime destination for investment and tourism alike.