Prime Minister Robinah Nabbanja has encouraged Dubai investors to consider Uganda as a prime destination for investment and business growth in Africa. She made these remarks while presiding over a bilateral business forum in Kampala, organized by the Dubai International Chamber, part of the Dubai Chambers network.
Nabbanja highlighted Uganda’s abundant resources and the strengthening relationship between Uganda and the UAE, which is founded on mutual respect and shared interests. “This partnership has fostered impressive trade growth, with bilateral trade exceeding $3.8 billion in 2023,” she stated.
Outlining Uganda’s ambitious goal of transforming its economy into a $500 billion powerhouse by 2040, Nabbanja discussed a comprehensive tenfold growth strategy focused on key sectors. “We are prioritizing agro-industrialization, tourism, mineral development, and advances in science and technology,” she said, inviting investors to seize the myriad opportunities these sectors present.
With a strong emphasis on agro-industrialization, Nabbanja underscored the government’s commitment to commercializing agriculture and enhancing value addition for local products. She announced that Uganda is set to commence commercial oil production in 2025, creating significant opportunities for investment in the energy sector.
“To support this growth, we have introduced a range of attractive incentives to facilitate business,” she explained. These include tax holidays for agro-processors, VAT exemptions for agricultural inputs, and various incentives for manufacturers and tourism operators.
His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated, “We are dedicated to strengthening trade and investment partnerships with countries worldwide, including Uganda. Supporting Dubai companies to grow and expand globally across diverse sectors is a priority, enhancing Dubai’s foreign trade and solidifying its position as a leading global business hub.”
According to Dubai Customs data, non-oil trade between Uganda and Dubai reached $1.2 billion in 2023. As of September 2024, 148 Ugandan businesses were registered as active members of the Dubai Chamber of Commerce, with 60 joining during the first nine months of the year.
During the forum, Dubai Chambers presented a thorough overview of Dubai’s economic landscape, showcasing its competitive advantages and the many opportunities available for Ugandan businesses and investors. The event also highlighted Uganda’s investor-friendly environment.
Key investment opportunities identified by Dubai Chambers in Uganda include tourism, agriculture, mining, information and communications technology (ICT), electronics, and infrastructure projects such as roads, railways, and water supply systems.
The session was wrapped up with the signing of a Memorandum of Understanding (MoU) between the Dubai Chambers and the Uganda Chamber of Commerce and Industry to enhance cooperation between the business communities in Uganda and Dubai.
Under the terms of the MoU, the two parties will work together to promote collaboration between companies from Dubai and Uganda, as well as organise trade missions, conferences, and business events. The agreement also encompasses the sharing of knowledge and expertise to unlock mutual benefits, consulting on business policies, and exploring bilateral investment opportunities.
The ‘Doing Business with Uganda’ business forum took place during the first leg of the chamber’s trade mission to Uganda and Tanzania. The event was organised with the support of the Embassy of the United Arab Emirates in Kampala, the Embassy of the Republic of Uganda in the UAE, the Uganda National Chamber of Commerce and Industry, the Uganda Investment Authority, and the Private Sector Foundation Uganda.
