Martin Muhangi, Deputy Director of the Uganda Investment Authority (UIA), presented a compelling case for investing in Uganda during the “Doing Business with Uganda” forum held on December 9, 2024, at the Sheraton Kampala Hotel.
Addressing an audience of business leaders and potential investors, Muhangi outlined Uganda’s vast investment opportunities, favourable incentives, and strategic position in Africa’s growing market.
“Uganda offers an open economy with a young, vibrant workforce and a market potential of over 600 million people within the East African Community. Moreover, our participation in the African Continental Free Trade Agreement opens access to a 3 billion-strong market,” Muhangi stated.
The President of Dubai Chambers, H.E. Mohammad Ali Rashed Lootah, praised Uganda’s open and dynamic business environment, commending the Uganda Investment Authority (UIA) for showcasing competitive incentives and low entry barriers.
He emphasised that these factors position Uganda as a prime destination for global investment, particularly in mining, manufacturing, and agriculture.
Key investment sectors
Muhangi highlighted Uganda’s priority sectors, including value-added agriculture, manufacturing, tourism, and ICT.
“We provide a 10-year income tax holiday for exporters of finished products, VAT exemptions on raw materials, and tax-free status for tourism-related investments. These incentives ensure that investors can maximize their returns while contributing to Uganda’s growth,” he explained.
Hassan Al Hashemi, Vice President of International Relations at Dubai Chamber, emphasized the importance of connecting businesses across borders.
“Dubai’s infrastructure and market connectivity are designed to support seamless business growth,” he noted.
Highlighting Dubai’s investor-friendly policies, he added, “We offer low corporate taxes, exemptions for specific sectors, and access to one of the world’s largest markets.”
Infrastructure and Tourism
The speakers underscored the role of technology in modern business collaboration. Al Hashemi noted Dubai Chamber’s digital tools, including QR codes for accessing investment information, which streamline investor engagement.
Muhangi echoed the sentiment, emphasizing Uganda’s commitment to creating a business-friendly environment through digital facilitation.
Uganda’s tourism potential was a focal point of the discussion. Muhangi described Uganda as “the best tourist destination in the world, with legendary attractions and a hospitable population.” He encouraged participants to explore Uganda’s scenic beauty and consider investments in the tourism sector.
On her part, Ms. Olive Kigongo, President of the Uganda National Chamber of Commerce and Industry (UNCCI), highlighted Uganda’s unique cultural and natural attractions as untapped treasures for tourism investment. Additionally, she pointed to the country’s youthful population as a driving force for innovation in ICT, urging investors to explore these burgeoning sectors.
“The government is focused on creating an investor-friendly environment, particularly in ICT, which is fueled by our vibrant, tech-savvy youth,” she added.
Call to Action
The forum concluded with a strong call for collaboration. Muhangi urged potential investors to engage with UIA’s one-stop services for business registration and support.
Al Hashemi highlighted the importance of attending Dubai’s global business events, such as Expand North Star, to deepen connections and explore synergies.
Lootah expressed optimism about the potential for collaborative growth, stating, “The MoU and ongoing dialogue will ensure deeper bilateral ties, foster economic growth, and enable businesses from both regions to thrive.”
The forum marked a step forward in enhancing economic relations, with both leaders expressing optimism about the future of Uganda-Dubai business partnerships. It underscored Dubai’s role as a gateway for African businesses to connect with global markets and Uganda’s position as a strategic partner in driving East Africa’s economic progress.
