London, September 15, 2024 — Uganda’s Deputy Speaker of Parliament, Rt. Hon. Thomas Tayebwa, delivered a keynote address at the 2024 UK-Africa Summit in London, emphasizing Uganda’s economic resilience, investment potential, and its critical role in promoting regional stability and growth. Tayebwa outlined Uganda’s strategic strengths, from its renewable energy surplus to its advantageous geographic position in East Africa, urging investors to explore the abundant opportunities in Uganda and across the region.

Stability and Economic Resilience

Opening his speech, Hon. Tayebwa highlighted Uganda’s strategic role within the East African Community (EAC), which offers access to a regional market of over 300 million consumers. Positioned in a rapidly growing continent expected to house a quarter of the global population by 2050, Uganda is seen as a key player in shaping East Africa’s economic future.

Tayebwa praised Uganda’s resilience during the COVID-19 pandemic, during which the country's manufacturing and construction sectors maintained growth despite global disruptions. He credited Uganda’s sound economic policies for its ability to weather global challenges and maintain economic stability during uncertain times.

A Safe and Secure Investment Environment

Tayebwa assured the summit’s participants of Uganda’s commitment to creating a safe and stable investment environment. He emphasized the government’s focus on peace and stability, citing the restitution of properties confiscated during previous regimes as a sign of Uganda’s progression.

Uganda’s regional peacekeeping efforts, such as in Somalia and the Democratic Republic of Congo (DRC), further bolster its reputation as a stabilizing force in East Africa. Tayebwa stressed that Uganda’s dedication to security and stability makes it a valuable partner for investors looking for safe and profitable ventures in the region.

Energy and Infrastructure: Key Pillars of Growth

Uganda’s energy surplus was a major highlight of Tayebwa’s address. Over 90% of the country’s energy is sourced from renewable resources, such as hydropower and solar energy, providing reliable, affordable electricity that is attractive to energy-intensive industries. He encouraged industries seeking stable energy supplies to look to Uganda as a competitive location for operations.

Tayebwa also spoke about infrastructure development, driven by partnerships with international allies like the UK. He noted significant improvements in transport infrastructure, including roads and railways, which have reduced business operating costs and enhanced connectivity within the region. These developments make Uganda an increasingly attractive destination for investment, particularly for businesses looking to expand into East Africa.

Uganda as the Gateway to East Africa

Tayebwa underscored Uganda’s strategic position, referring to the country as "land-linked" rather than "landlocked." He encouraged investors to view Uganda as a gateway to the broader East African market, with access to millions of consumers across the African Continental Free Trade Area (AfCFTA). Uganda’s central location and robust infrastructure make it an ideal hub for accessing regional markets while benefiting from its stable economic policies.

Investing in Human Capital and Reducing Poverty

A key point of Tayebwa’s address was Uganda’s commitment to human capital development. Uganda boasts a highly skilled workforce, reducing reliance on foreign expertise and creating opportunities for businesses to tap into local talent. The government’s efforts to reduce poverty and increase purchasing power have also helped stimulate domestic demand, making Uganda an attractive market for consumer goods and services.

A Business-Friendly Government

In closing, Tayebwa emphasized Uganda’s pro-business environment, with a range of tax and non-tax incentives designed to attract investors. He highlighted the government’s ongoing efforts to streamline business processes and reduce operational costs, pointing to affordable electricity and internet access as key factors that support investment.

He also noted the close collaboration between Uganda’s government and the private sector, with the President frequently including business delegations in international trips to promote investment. This strong government-private sector relationship underscores Uganda’s commitment to fostering private sector development and creating a welcoming environment for international investors.

Conclusion: Uganda’s Commitment to Economic Growth

Rt. Hon. Thomas Tayebwa’s address at the UK-Africa Summit 2024 painted a picture of Uganda as a nation poised for sustained economic growth, driven by renewable energy, infrastructure development, and human capital investment. With its strategic geographic position and a stable, business-friendly environment, Uganda offers vast potential for UK and international investors looking to tap into East Africa’s growing market. Tayebwa’s remarks reaffirm Uganda’s commitment to economic transformation, security, and long-term partnerships with investors.