Uganda positions itself as a prime investment destination, focusing on youth, women, and industrial growth.

London, September 6, 2024 – At the 14th Annual UK-Africa Trade Summit, Uganda’s Minister for Gender, Labour, and Social Development, Hon. Betty Amongi, delivered a compelling address that showcased Uganda's focus on workforce development and investment opportunities. Speaking at The May Fair in London, Minister Amongi emphasized the importance of empowering Uganda’s youth and women, while also promoting the country’s expanding industrial and urban sectors as prime destinations for global investors.

The summit, which brought together influential leaders from Africa and the UK, offered Uganda a platform to present its readiness for foreign investment. Minister Amongi highlighted the government’s initiatives to incentivize investment in Uganda’s ten rapidly growing cities, each equipped with industrial parks designed to foster business growth. These cities offer a range of tax and non-tax incentives, making Uganda increasingly attractive to international investors in sectors like infrastructure, waste-to-energy, and renewable energy.

A Youthful Workforce: Uganda’s Competitive Advantage

One of Uganda’s most significant assets, Minister Amongi noted, is its youthful workforce, with 80% of the population under the age of 35. "Uganda’s young and dynamic labour force is being actively skilled to meet the demands of industrial and service sectors," she said, referencing government programs focused on Information and Communication Technology (ICT), vocational training, and innovation hubs. These efforts are positioning Uganda as a hub for industrial and technological growth.

She reassured investors that Uganda offers a balanced approach to employment, allowing for expatriate hiring while ensuring that opportunities are reserved for Ugandans, encouraging both local and foreign contributions to the workforce.

The Ugandan Diaspora: Key to Economic Growth

Minister Amongi also emphasized the critical role of the Ugandan diaspora in driving economic growth. Through the National Social Security Fund (NSSF), Uganda’s largest provident fund with a $6 billion portfolio, the diaspora has access to co-investment opportunities, particularly in the thriving real estate sector. She encouraged Ugandans abroad to take advantage of government-backed NSSF voluntary accounts, providing a secure and transparent way to invest in Uganda’s development.

“The Ugandan diaspora is integral to our nation’s development, contributing $1.4 billion annually in remittances," she remarked, "Through the NSSF, we are providing a transparent avenue for our citizens abroad to invest securely and ensure that their contributions are safeguarded for meaningful development at home."

Gender Inclusivity and Entrepreneurial Empowerment

Minister Amongi highlighted Uganda’s strong commitment to gender inclusivity, noting that 44% of businesses are owned by women, and half of senior government positions are held by women. The government is actively supporting young entrepreneurs, especially women, by offering access to affordable capital through programs that offer rates far lower than commercial loans.

This effort, she said, is critical to advancing the country’s entrepreneurial spirit and empowering women across all sectors of the economy.

Boda Boda Riders and Their Role in Uganda’s Economy

Acknowledging the contribution of boda boda (motorcycle taxi) riders to Uganda’s economy, Minister Amongi noted that they contribute 5-7% of the GDP and play a pivotal role in service delivery. She outlined ongoing efforts to regulate the sector, including initiatives like digitalizing number plates and creating designated zones in Kampala’s Central Business District. These measures, she explained, will integrate boda boda operations into Uganda’s growing fintech space, opening further opportunities for innovation.

Preparing for Future Industries

In closing, Minister Amongi reiterated Uganda’s readiness to participate in future industries like oil, gas, hydropower, and advanced manufacturing. The government is already implementing training programs to upskill Uganda’s workforce for these emerging sectors. She invited investors to engage with Uganda’s dynamic, young, and entrepreneurial workforce, which is poised to contribute to the country’s long-term economic success.

About Uganda’s Ministry of Gender, Labour, and Social Development

The Ministry of Gender, Labour, and Social Development in Uganda is committed to promoting gender equality, social protection, and sustainable economic development. Through its initiatives, the ministry fosters workforce development, entrepreneurial empowerment, and social security, playing a key role in advancing Uganda’s broader economic agenda.