Uganda's Foreign Direct Investment Rises to $3.01 Billion

Uganda’s foreign direct investments (FDI) have reached the $3.01 billion mark as of April 2024, up from $2.8 billion in 2023, according to Ramadhan Ggoobi, the Permanent Secretary and Secretary to the Treasury.

Speaking at the 8th High-Level Economic Growth Forum in Kampala, Ggoobi highlighted the rise in FDI, particularly in the oil and gas sector, which has spurred economic activity.

Additionally, remittances increased from $1.25 billion in 2022 to $1.43 billion in 2023, further underscoring Uganda’s growing attractiveness to global investors. Key factors driving this investment surge include political stability, sound macroeconomic policies, a liberalized business environment, and Uganda’s strategic location as a logistics hub within the Great Lakes region.

Other contributing factors are regional trade opportunities, abundant natural resources, generous investment incentives, and a young, skilled labour force.

Exports have also seen significant growth, with coffee export earnings rising from $845 million in the financial year 2022/23 to $1.143 billion in 2023/24.