The State Minister Foreign Affairs in charge of international cooperation, Henry Okello Oryem has described Uganda as one of the fastest growing economies on the continent that would interest any investor to do business.
Speaking during a German business delegation visit to Uganda as part of a trade, investment and tourism forum organised to show case the trade and investment opportunities in Uganda but also forge deeper ties between Uganda and German corporations, Oryem said Uganda has immense opportunities that can be taped into by the Germans.
“As a country we are pursuing an ambitious development agenda, with the vision of transforming our country into a modern and middle income in a few years’ time. In this regard, Uganda has undertaken various reforms which have enabled us become one of the fastest growing economies on the African continent,” Oryem said.
“ In line with Vision 2040, we have implemented several sector strategies in agriculture, manufacturing, industry, renewable energy, health, education, infrastructure, tourism and hospitality, food processing and financial services that have enabled the diversification of the Ugandan economy.”
Oryem told the German delegation that the Ugandan government is placing great emphasis on infrastructure development as which is considered a critical enabler for socio-economic transformation.
“ For instance the construction of Uganda-DRC road will facilitate increase of trade between DRC and Uganda but also within the Region. The road will also contribute to regional stability in terms of security. “
He mentioned “a stable power supply “through hydro power-generated schemes which he said reflecta government`s push to promote industry and manufacturing and developed telecommunications infrastructure , all of which he said enables those who want to do business.
“Projects initiated by the government in the last few years have led to building and expansion of international airports and cargo facilities, highways and revamping the existing railway line to better serve along the length and breadth of the country and region.”
The minister however, noted there are still gaps to fill as the country grapples with the challenges of high electricity and transport costs, an underdeveloped railway and road network that he said German investors can tap into.
“Uganda has an open, diversified and robust economy. It has well-developed financial and banking sector. The economy is well regulated and highly liberalized, all sectors are open for investment and there is free movement of capital to and from the country. Uganda is located in the heart of Africa and offers a gateway to regional markets. The country’s strategic location makes it a gateway to diverse markets in Africa.”
Tourism
Minister Oryem also lured German tourists to enjoy the natural endowment that Uganda is in terms of tourism.
“As a destination, Uganda enjoys a stable and secure environment and is a unique country to visit. It is multicultural country whose diverse landscape encompasses the snowcapped Rwenzori Mountains and Lake Victoria-the second largest in the world and the principal source of the great River Nile. With abundant wildlife, Uganda contends for best destination in Africa for wild game drives.”
He said that the German business delegation visit is an opportunity to build partnerships and share experiences between the two countries.
