Uganda has been named the top investment destination in Africa at the Annual Investment Meeting (AIM) in Abu Dhabi, UAE.
Uganda through its investment authority has won the ‘best investment destination in Africa’ award in 2024.
State Minister for Investment Evelyne Anite said the gold award was bagged at the Annual Investment Meeting (AIM).
“Uganda has been awarded a recognition award of best investment destination in Africa,” said Anite on Wednesday morning.
In 2023, Uganda, the East African country, received the award for “Best Investment Destination in East Africa.”
According to statistics from the Ugandan embassy in the UAE, Uganda has attracted over $1 billion in Foreign Direct Investment (FDI) from the UAE in the past two years.
The Ministry of Finance, Planning and Economic Development (MoFPED) has noted that Foreign Direct Investment (FDI) inflows into Uganda increased from $1.36 billion in April 2022 to $1.5 billion for the year ending April 2023.
According to the World Bank, FDI contributes over 4% to Uganda’s gross domestic product (GDP). The international lender has also projected an economic surge in the country despite sanctions from the West. Uganda’s economic growth is set to go from 5.3% in 2023 to 6.0% in 2024.
Uganda has implemented several strategies to attract Foreign Direct Investment (FDI), focusing on creating a favourable business environment.
Key elements of these strategies include establishing an environment with reliable electricity, efficient transportation infrastructure, tax holidays and high-quality internet connectivity.
The AIM Global Investment Awards is designed to acknowledge and celebrate the top-performing investment promotion agencies worldwide.
The event, featuring more than 170 countries participating in exhibitions and promoting investments, recognized Uganda for its outstanding achievement in attracting significant investment projects.