PSST’s Keynote Address at The UK-Uganda Business Forum in London
Keynote: “Open for Business - Harnessing the Trade and Investment Opportunities between Uganda and the United Kingdom”
Protocols
- It’s heartwarming to be back in London within a period of less than one month. When you see a Secretary to the Treasury Frequenting a Capital, it’s a clear sign that the economics in that place is working, and the numbers make economic sense.
- Ladies and gentlemen, with this maiden direct flight it’s not only the aircraft but also business between Kampala and London has taken off.
- We are dedicated to deepening the historic ties between our two nations. We are here for tourists, investors, traders, and strategic partnerships.
- Thank you to the teams both here in London and back in Kampala that have made this possible.
- Thank you to the authorities in UK, our High Commission, and our diaspora for the warm and colorful reception.
State of the Economy
- At a similar event held one month ago in Kampala, I provided an overview of the state of Uganda’s economy. We have since obtained new numbers that shade more light on the health and direction of the economy.
- First, we are on track to achieving the projected annual growth rate of 6.4% in the Financial Year ending next month, and over 7% in the medium term.
- Secondly, we have received new data confirming that in the past 4 years, our growth has been broad-based, inclusive and pro-poor, transformative and sustainable.
- The latest National Household Survey report that was released last week by the Uganda Bureau of Statistics (UBOS) shows that the share of Ugandans living below the national poverty line has fallen to 16% from 20% four years ago – surpassing the 2025 national target of 18.5%.
- The same report reveals that income inequality has also declined significantly over the last four years. The gini-coefficient—a statistical measure used to determine the extent of income inequality within a population—has reduced to 0.38 from 0.41 in 2020.
- In the 12 months to March 2025, export receipts from merchandise trade increased by 26% to USD 9.3 billion.
- The Ugandan shilling is the most stable currency in the whole of Africa. During the past 12 months, it has appreciated by 6.1%.
- Inflation is under control, projected at 3.6% in FY24/25, and Uganda has experienced Africa’s 2nd lowest inflation rate in the past decade.
- FDI inflows are projected at USD 3.8 billion, while tourism and remittance receipts are projected at USD 1.5 billion and USD 1.4 billion respectively.
- During the next 5 years, it’s projected that Uganda’s GDP is going to more than double, to USD 158 billion in 2030.
Investment Opportunities
- In Uganda we have a mission. We have set out to make Uganda a 500-billion-dollar economy by 2040. We are targeting the ATMS.
- In agro-industrialisation, we are looking for serious partners to add value to the abundant agricultural raw materials - coffee, dairy, beef, freshwater fish, tropical fruits and vegetables, cotton, tea, cocoa, cereals, poultry and piggery, etc. These value chains have a combined untapped value add potential of USD 20 billion.
- In tourism and travel we have set out a strategy to increase tourist inflows five-fold by doubling the average spend and average stay-per-tourist. Uganda’s tourism value chain has a USD 50 billion potential.
- Under mineral beneficiation and manufacturing, including oil and gas, we are finalizing quantification of our mineral deposits. We want serious partners to add value to our gold, iron ore, phosphates, limestone, tin, copper and cobalt, lithium, uranium, etc. The confirmed potential is USD 25 billion.
- We have also finalised plans and signed the first contract to build East Africa’s largest petrochemical industry around our oil and gas reserves.
- We also need serious partners to bring knowhow into our nascent STI sector to accelerate our knowledge economy and digital transformation. For example, Uganda has an untapped USD 1 billion pharmaceutical export potential.
- Apart from the ATMS, we want partners in the following enabler sectors:
- Infrastructure – roads and bridges, railways, airports and urban infrastructure.
- Electricity generation, transmission and distribution.
- Social service sector – education, health, social security, water and environment.
- Irrigation infrastructure
- Industrial Park development.
23. Opportunities are also plentiful in financial services - investment banking, insurance, private equities and so on.
Why invest in Uganda and Africa
- Our Return on Investment is one of the highest - 14% on average; and the Return on Equity for listed companies is 30% on average.
- Uganda’s macroeconomy is well managed and thus stable. Apart from the macro indicators I already highlighted, the public debt is sustainable (now at 46.8%); we adhere to fiscal rules, and the central bank is independent.
- Our government is pro-private sector. We do whatever is necessary to support private investment with both tax & non-tax incentives.
- The economy is also fully liberalized - the capital account is open; all markets (labour, money, goods, capital) are fully liberalized.
- The legal/regulatory frameworks have been strengthened to enhance corporate governance, strengthen capital markets, and protect private investment from all non-commercial risks.
- When you invest in Uganda you gain tariff-and-quota free access to the EAC, COMESA and AfCFTA markets with a combined population of a billion people, and a GDP of about USD 3 trillion.
Why this direct flight by Uganda Airlines is a game-changer
- The arrival of Uganda Airlines to the UK takes business and cultural ties between our two nations to a new high.
- It’s a big step in breaking down the walls of misinformation and disinformation that have been keeping away some UK investors and tourists from Uganda on account of false narratives.
- Often facts are weaker than feelings. Uganda Airlines is going to become a crucial airbridge for the people of the two nations to fact-check their feelings.
- It is going to airlift investors, traders, tourists, and people with knowhow direct to Entebbe at a significantly lower cost, and in just about 8 hours. Welcome aboard.
- Government is making further capital investment into the airline. In the next few years, we are going to inject nearly USD 700 million to reinforce Uganda Airline’s flight route network.
- The Airlines is going to acquire additional aircrafts (both passenger and cargo planes).
- After this investment phase, the airline should be able to breakeven.
- Therefore, I’m here to invite the people of this great nation to fly direct to Africa’s best ranked investment destination; a country with an exciting, renewed mission (the tenfold growth strategy); a nation with an economy of a very low macro risk in the region, yet with a very high return on investment.
- In Uganda, we guarantee you peace, easy taxes, and a tolerable administration of justice.
- Above all, we guarantee you the best weather and hospitality.
- See you on the next flight to the Pearl of Africa.