Museveni Highlights Uganda’s Economic Potential and Investment Opportunities at NAM Summit

President Yoweri Kaguta Museveni took center stage at the Non Aligned Movement summit

In his speech read for him by the vice president Rtd Major Jessica Alupo President Museveni emphasized Uganda’s status as a prime investment destination.

The President also Emphasized the country’s stable political environment, robust economic growth, and a thriving market, the speech positioned Uganda as a beacon of stability amid global economic uncertainties.

Uganda’s $50 billion economy maintains strong market linkages within the $305 billion East African Community (EAC), the continent’s fastest-growing and most diversified economic bloc. President Museveni stressed Uganda’s strategic location, providing access to regional markets such as EAC, COMESA, and the Africa Continental Free Trade Area (AfCFTA), encompassing over 55 member states.

Expressing confidence in Uganda’s economic future, the President cited prudent macroeconomic management resulting in low inflation (currently at 2.6%), a stable currency, and sustained high growth. The government’s commitment to supporting the private sector through favorable policies was underscored, emphasizing Uganda’s open trade policies and a liberal investment regime, allowing free movement of exports, imports, and capital.

Highlighting the country’s rich resource base and recent mining ventures, particularly in graphite for electric car batteries, President Museveni detailed Uganda’s generous incentives regime for investors. These include free land, serviced industrial parks, cheap electricity, tax holidays, and other financial incentives.

In a speech at the NAM Summit, he stated, “Uganda has a very generous incentives regime to ensure profitability of investments and business growth. This includes, among others, free land, serviced industrial parks and manufacturing zones, available and cheap electricity to manufacturers, good transport network, tax holidays for those adding value to our raw material and creating jobs plus other financial incentives.”

Uganda’s competitiveness in tradable goods positions it as an attractive destination for global investors. The President emphasized market access opportunities, with negotiated Quota-free and Tariff-free access to regional and global markets, including EAC, COMESA, AfCFTA, the European Union through an “Everything but Arms” trade deal, and trade deals with China and India.

Furthermore, Uganda boasts an excellent working and living environment, rated as the 3rd most welcoming country and the 4th best country to visit globally. With a low cost of living, quality housing, a growing workforce, and flexible labor regulations, Uganda offers a key advantage for companies investing in labor-intensive operations. President Museveni summarized it by stating, “Uganda offers the lowest cost of living with excellent housing. Its fast-growing workforce and flexible labor regulations provide a key advantage for companies investing in labor-intensive operations.