KAMPALA —A delegation of German business people traveled to Kampala, the Ugandan Capital to seek for investment opportunities and also attended a trade, investment and tourism forum.
The forum presents an opportunity for German businesses to connect with the peoples of Uganda as well as the relevant government entities in their search for fertile investment areas.
As part of a new strategy to build stronger economic links between the German and Uganda, State Minister for Foreign Affairs in charge of International Cooperation Okello Oryem says Uganda is pursuing an ambitious development agenda, with the vision of transforming the country into a modern and middle income in a few years’ time.
In this regard, he adds Uganda has undertaken various reforms which have enabled “us become one of the fastest growing economies on the African continent”.
The Minister who presided the conference held at Serena Hotel in Kampala told the investor that Uganda and Germany enjoy strong and close bilateral ties with excellent political, social and cultural relations and that Uganda values these relations and that “we are committed to deepening them further in all fields, for the mutual benefit and prosperity of our two peoples”.
Germany is one of Uganda’s most important trading partners. Uganda’s trade volumes including coffee, tea, vanilla and pepper among others have grown over the years.
Uganda exported to German $94,585 in 2018, then reduced to $79,728 in 2019 and registered exponential growth by $14,081 to $93,809.
Uganda however imports a number of products from Germany including Pharmaceutical products, electrical machinery, vehicles, textiles and plastics.
“The Government is placing great emphasis on infrastructure development as infrastructure is considered a critical enabler for socio-economic transformation. For instance the construction of Uganda-DRC road will facilitate increase of Trade between DRC and Uganda but also within the Region. The road will also contribute to regional stability in terms of security,” the Minister told the delegation.
He added:” The country enjoys a stable power supply through its hydro power-generated schemes, reflecting the government`s push to promote industry and manufacturing. The telecommunications infrastructure is developed and supports a full range of domestic and international services comprising voice, video, data, and other advanced communications services by deploying wired and wireless bandwidth to provide high speed. Projects initiated by the government in the last few years have led to building and expansion of international airports and cargo facilities, highways and revamping the existing railway line to better serve along the length and breadth of the country and region”.
Minister Oryem said, however, that Uganda still has gaps to fill mentioning high electricity and transport costs, an underdeveloped railway and road network.
“Uganda has an open, diversified and robust economy. It has well-developed financial and banking sector. The economy is well regulated and highly liberalized, all sectors are open for investment and there is free movement of capital to and from the country.
“Uganda is located in the heart of Africa and offers a gateway to regional markets. The country’s strategic location makes it a gateway to diverse markets in Africa.
“Uganda offers opportunities to everyone across the value chain. The opportunities are in areas as diverse as; Agriculture, Energy, Minerals, Tourism, ICT, Oil and Gas, Real Estate, Pharmaceutical and many more. Whether one wants to utilize Uganda as their target market or as a regional getaway, investors and entrepreneurs will find a myriad of opportunities”.
On his part, Uganda Revenue Authority Commissioner General John Musinguzi Rujoki shared the incentives to encourage German delegates to invest in Ugandaa
“Uganda has attracted the highest foreign direct investments in the East African Region. This is not by mistake the government of Uganda has put in place certain incentives that make these possible. There are strategic sectors that government has prioritized mainly: Information Technology, transport, Health, Logistics and Warehousing”.