PSST Ggoobi woos French Investors
The Permanent Secretary/ Secretary to the Treasury (PSST), Ramathan Ggoobi has invited French Investors to Uganda to partake in the economically rewarding, exciting & renewed ambition of growing Uganda’s economy into a 500-billion-dollar economy (£476 billion) in the next 15 years.
He extended the Invitation at the Uganda Investment, Tourism and Trade Conference (17th -20th February,2025) taking place in Paris, France. “We have a brand-new National Development Plan (NDPIV) anchored on a Tenfold Growth Strategy,” said the PSST, adding that the 4 key priority investment areas are the ATMS (Agro-based industrialization, Tourism and travel, mineral-based industrialization as well as Science, Technology and Innovation including Information Technology.
Apart from the ATMS, Ggoobi said there are other investment opportunities in the construction, electricity, social service sector, irrigation and water as well as industrial parks among others. He noted that France and Uganda are nurturing a fast-growing economic partnership & the French Chamber of Commerce has already established offices in Uganda, making France the first European Union country to establish a chamber of commerce in Uganda.
He said French companies have committed to invest over €3.8 billion in Uganda over the next 3 years (2025-2027) on top of the on-going big investments in Uganda’s oil and gas sector by Total Energies.
He added that there are over 40 French companies in Uganda, employing about 3,000 Ugandans, and directly paying substantial tax revenue. “I am here to invite you to Uganda for three key things:
i. Come and invest in Uganda.
ii. Come and export Uganda’s products to EU.
iii. Come and visit Uganda and see the wonders of nature, biodiversity, culture, and new experiences, ”said Ggoobi adding that, their coming to Uganda will create value for both countries, business and people.
He gave assurance that Government of Uganda will do whatever is necessary to help them set up business or feel comfortable and safe while visiting the Pearl of Africa.
Why Uganda is the Best Investment Destination
The PSST invited French Investors to Uganda to take advantage of the following generous incentives.
1. Uganda’s average return on investment (RoI) stands at 14%, one of the highest in the world. In 2023, Uganda was ranked 3rd most rewarding economy to invest in Africa.
2. The macro-economy is well managed and stable, characterized by low and stable inflation, high and sustained GDP growth, most stable local currency in Africa during the past decade. Fully liberalized capital
account.
3. Investors in Uganda benefit from quota-free and tariff-free access to vast markets (EAC-300 million people, COMESA-600 million people, AfCFTA-1.3 billion people, European Union, China, India etc.
4. Government is pro-private sector & supports private investment using generous incentives including free land for industrial development, subsidized power tariffs and business support services.
5. 100% profit repatriation after tax ,100% foreign ownership of projects and lowest labor costs in the region.
6. Uganda’s weather is one of the best in the world.