For the last nine years the economy of Uganda has registered an average annual growth rate of 6% with inflation below 10%. Due to this outstanding economic performance, Uganda's speed of progress is comparable to that of the fastest growing economies of the world such as China and India. Uganda is on course to become a middle income country and indeed one of the African ?tigers' by 2015.
Considerable quantities of oil have been discovered in the country around the Lake Albert region with estimated reserves of between 100 - 300 million barrels of oil. Production is scheduled to begin in 2009 after the construction of an oil refinery with the initial capacity of 6,000 - 10,000 barrels a day. This will be further boosted by the production of 400 barrels of diesel and kerosene for local consumption. This discovery of oil has opened up tremendous investment opportunities in the oil related sector. For more information on the oil/energy sector please visit the Ministry of Energy and Mineral Development
To ensure enough power supply to support and intensify the industrialization of the economy, the Government has embarked on the construction of the 250 MW Bujagali hydro power plant on River Nile which will be completed in 2009. This is the single largest investment project in the power sector in sub-Saharan region. Another 150 hydro plant is to be constructed at Karuma to cater for the energy needs of the Northern region of Uganda.
Uganda which is strategically located at the heart of the East and Central Africa offers tremendous trade and investment opportunities and potentials to the international business community. Uganda is the gateway to the East and Central Africa region.
The economy of Uganda is among the most liberal in Africa which allows free inflow and outflow of capital; and 100% foreign ownership of investment. The foreign exchange rates are determined by the market demand and supply and not the Government.
Uganda as a member of the East Africa Community (EAC) and the Common Market for Eastern and Southern Africa (COMESA) offers a big and growing market for trade and investment in more than 20 African countries.
Uganda guarantees protection of foreign investments by the existing local laws and international conventions to which the country is a signatory such as the Multilateral Investment Guarantee Agency (MIGA); Overseas Private Investment Corporation (OPIC) of US; and the Convention on the Recognition and Enforcement of Foreign Arbitral Award (CREFAA)
Located astride the Equator, Uganda has one of the best climates in the world with rainfall all year round, fertile soils and favorable temperature range which supports the growth of any crop in the country. Currently, Uganda leads Africa in organic agriculture. The country also has over 117 unexploited minerals deposits which include gold, zinc, diamonds, uranium, iron ore, wolfram and silica.
The main sectors for foreign investment include agriculture (commercial farming and agro processing, energy, construction, transport and communication, packaging, and foods and beverages. More information on trade and investment opportunities can be accessed from the Uganda Investment Authority