The Uganda Investment Authority (UIA) and the Uganda Tourism Board (UTB) have pledged to work together to promote Uganda as the best tourism destination in the world.
UTB Chief Executive Officer Lily Ajarova and UIA Director General Robert Mukiza on Thursday, 05 August 2021 said under the partnership, they will attract sustainable investments in the tourism sector.
Mr Mukiza said the partnership is timely since it will help the tourism sector rebound from the adverse effects of the pandemic.
Under the partnership, the two agencies also agreed to share work plans on activities promoting investments in the sector.
Ms Ajarova said the tourism sector was generating an average of 1.6 billion dollars before Covid-19, which is 7.7 percent of Uganda’s GDP.
Investment opportunities in tourism sector include operating tour and travel circuits (parks, bicycle tours, air balloon travel, marine activities on Lake Victoria and river rafting on the Nile River), development of specialised eco and community tourism facilities, and faith-based tourism such as pilgrimages.
The Ministry of Tourism economic growth forum budget for 2019/2020 financial year indicates that tourism is the leading foreign exchange earner for Uganda generating $1.5b in revenue. Uganda earned $1.6b (about Shs5.8 trillion) from tourism in the 2018/2019 financial year. According to the Annual Tourism Sector Performance Report for Financial Year 2018/2019, the revenue rose from $1.45b (Shs5.3 trillion) in the 2017 financial year.
Tourism also generated $1,453m in 2017, compared to $1,371 million in 2016.