Overview:
Uganda's economic prospects are bright, fueled by a stable shilling and increasing foreign investment, supporting a bold plan for tenfold growth by 2040.
KUALA LUMPUR, Malaysia — Uganda is actively promoting its diverse investment opportunities at the Pearl of Africa Trade Expo in Malaysia, with a long-term vision to expand its economy to $500 billion by 2040. Finance Minister Matia Kasaija told investors that Uganda offers a stable currency, a consistent macroeconomic environment, and a fully liberalized economy, making it an attractive destination for foreign capital.
Addressing the expo, organized by the Ugandan High Commission in Malaysia to tap into the ASEAN market, Kasaija emphasized Uganda’s strategic advantages. He cited affordable power for large industries and sustained peace and security as key factors boosting the nation’s export competitiveness. The minister also highlighted the significant growth in Foreign Direct Investment (FDI), which has risen steadily in recent years, reaching $3.0 billion in 2023.
Kasaija urged Malaysian businesses to consider investing in key sectors such as agro-industrialization, tourism development, mineral-based development including oil and gas, and science, technology, and innovation, including ICT and the creative industries. He positioned Malaysia as a valuable partner in helping Uganda shift towards higher-value added exports. The Pearl of Africa Trade Expo is recognized as the first East African Community EXPO within ASEAN records.
The minister also referenced the International Monetary Fund’s (IMF) projection of a 7.5% real GDP growth for Uganda in 2025, indicating the economy’s strong upward trajectory. He reiterated the government’s commitment to fully monetizing the economy for enhanced self-sufficiency and structural transformation.
Uganda’s membership in key regional blocs like the East African Community (EAC), the Common Market for East and Southern Africa (COMESA), and the African Continental Free Trade Area1 (AfCFTA) provides access to a vast market of over 1.5 billion people, Kasaija noted. He also pointed to the rising average Return on Investment (RoI) in Uganda, exceeding 14% in 2022.
Energy Minister Ruth Nankabirwa highlighted untapped potential in Uganda’s petroleum and energy sectors, while State Minister for Agriculture Bright Rwamirama showcased investment opportunities in the country’s significant livestock resources during the expo.
The Ugandan delegation also engaged with Malaysian government officials, including Deputy Minister of Investment, Trade and Industry Liew Chin Tong, who expressed interest in agricultural partnerships. The expo was also attended by Malaysia’s Minister of Agriculture and Food Security, Yang Berhormat Datuk Seri Haji Mohamad Bin Sabu.
Uganda’s presence at the Malaysia expo underscores its proactive approach to attracting foreign investment as a crucial component of its ambitious economic growth plan.