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Uganda has launched an ambitious plan to grow its economy from US$50 billion in the 2022/23 financial year to US$500 billion by 2040. To achieve this goal, the government is aggressively seeking investment to support the country’s economic transformation.
Finance Minister Matia Kasaija emphasised Uganda's favourable investment climate, highlighting the stability of the Ugandan shilling, a fully liberalised economy, and a stable macroeconomic environment.
Kasaija also noted that private sector contributions, which account for around 80% of Uganda's GDP, are helping to boost demand for goods and services.
"We offer affordable power tariffs for large industries, maintain peace and security, and enhance our export competitiveness," Kasaija said.
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He also pointed to the growth in Foreign Direct Investment (FDI) that rose from US$1.2 billion in 2020 to US$3.0 billion in 2023.
Minister Kasaija made these remarks while delivering a keynote address at the Pearl of Africa Trade Expo in Malaysia.
The Expo, organised by the Ugandan High Commission in Malaysia, aimed to tap into business opportunities in the ASEAN market, which includes countries like Malaysia, Singapore, Thailand, and Vietnam.
Highlighting Uganda’s potential for high-value exports, Kasaija called for investment in key sectors, including Agro-industrialisation, Tourism Development, Mineral-based Development (including Oil & Gas), and Science, Technology, and Innovation, particularly in the ICT and Creative Industries.
The Expo has been recognised in ASEAN records as the region’s first East African Community Expo.
The International Monetary Fund (IMF) has indicated that Uganda’s economy is one of the fastest-growing globally, with a projected real GDP growth of 7.5% in 2025. Uganda's government is focused on fully monetising the economy to achieve self-sufficiency and structural transformation.
As a member of the East African Community (EAC), COMESA, and the African Continental Free Trade Area (AfCFTA), Uganda has access to a vast free trade zone with a combined population of over 1.5 billion people and a GDP of approximately US$3 trillion.
The Minister also highlighted Uganda’s growing export portfolio, which has added 31 new products, including concentrated milk, hair products, butter, and paper labels, over the last 15 years. "This momentum must be maintained," Kasaija stressed.
Minister Ruth Nankabirwa, speaking at the event, said Uganda had only explored about 40% of its petroleum resources, presenting more investment opportunities in electricity generation and mineral exploration.
She encouraged investment in mineral exploration, mining, processing, and refining, as well as in Uganda’s manufacturing sector.
At the Expo, the Ugandan delegation met with senior Malaysian government officials, including Deputy Minister of Investment, Trade, and Industry YB Liew Chin Tong.
The discussions focused on potential bilateral partnerships in the agriculture sector, with State Minister for Agriculture Bright Rwamirama sharing that Uganda has a significant livestock sector, including 16.5 million cattle and 18.5 million goats and sheep, presenting lucrative investment opportunities.
The Expo was also attended by Malaysia’s Minister of Agriculture and Food Security, Hon Yang Berhormat Datuk Seri Haji Mohamad Bin Sabu.