Africa-Press – Uganda. Uganda has unveiled bold ambitions to grow its economy tenfold, from $50 billion A9about Shs2 trillion) in the 2022/23 financial year to $500 billion by 2040, anchored by an aggressive investment drive and intensified economic diplomacy.
Speaking at the Pearl of Africa Trade Expo in Kuala Lumpur, Uganda’s Finance Minister Matia Kasaija highlighted the country’s stable macroeconomic environment, liberalized economy, affordable industrial power tariffs, and sustained peace and security as key factors making Uganda an attractive investment destination.
“We are seeing consistent growth in foreign direct investment, from $1.2 billion in 2020 to $3.0 billion in 2023,” Kasaija said.
“With the private sector contributing 80% of GDP, Uganda presents increasing demand for intermediate goods and services, making it a fertile ground for manufacturing, agro-industrialization, and innovation.”
Organized by the Uganda High Commission in Malaysia, the expo is the first East African Community trade show recorded under ASEAN, which comprises 10 Southeast Asian nations.
The initiative is a product of Uganda’s growing emphasis on economic and commercial diplomacy to tap into the expansive ASEAN market.
Kasaija called on Malaysian and ASEAN investors to partner with Uganda in key sectors including tourism, mineral development, oil and gas, ICT, and the creative economy.
“Malaysia can help Uganda shift from low-value to high-value exports,” he noted.
The International Monetary Fund has projected Uganda’s economy to grow at 7.5% in 2025, ranking it among the world’s fastest-growing.
Kasaija said Uganda’s strategy is to fully monetize its economy, structurally transform it, and boost export competitiveness through value addition.
He also revealed that Uganda has added 31 new manufactured products to its export basket in the last 15 years, including concentrated milk, butter, casein, and hair products.
Minister for Energy Ruth Nankabirwa also pitched Uganda’s potential in the energy and mining sectors, revealing that only 40% of Uganda’s petroleum has been explored.
She said the country is now fully covered by high-resolution airborne geophysical surveys and is aggressively seeking investment in electricity generation, mineral processing, and distribution.
“We have the data, the resources, and the incentives. Uganda is ready,” Nankabirwa told the forum.
On the sidelines of the event, Uganda’s delegation held bilateral talks with Malaysian government officials led by Deputy Minister of Investment, Trade and Industry, YB Liew Chin Tong.
The discussions emphasized Malaysia’s interest in Uganda’s agriculture sector.
According to State Minister for Agriculture Bright Rwamirama, Uganda boasts 16.5 million cattle, 18.5 million goats and sheep, and 8 million pigs, offering wide investment potential in animal husbandry, meat processing, and agribusiness.
The Pearl of Africa Expo attracted key government and business leaders, including Malaysia’s Minister for Agriculture and Food Security, Datuk Seri Haji Mohamad Bin Sabu, underscoring the growing appetite for Uganda-ASEAN trade and investment collaboration.
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