KUALA LUMPUR, Malaysia — Uganda is aiming to secure roughly $5 billion in trade and investment over the next five years as its business forum and expo opened in Kuala Lumpur, Malaysia.
A high-level Ugandan delegation, led by Finance Minister Matia Kasaija, is attending the Pearl of Africa Business Forum and Expo. The delegation includes Energy Minister Ruth Nankabirwa, Agriculture Minister in charge of Animal Husbandry Bright Rwamirama, Uganda’s High Commissioner to Malaysia Betty O. Bigombe, Chamber of Commerce President Olive Kigongo, Senior Presidential Adviser on Exports Susan Muhwezi, and Chief of Protocol Charles Ssentongo.
The opening ceremony featured remarks from Yang Bhg Muhtar Hashim, the executive director of the Chemical Industries Council of Malaysia, who highlighted potential opportunities for increased trade between the two nations.
Kasaija told attendees that Uganda offers a favorable investment climate with a supportive legal framework.
Nankabirwa said Uganda is actively seeking investment in its oil and gas sector, emphasizing the country’s policy of processing raw materials domestically. She also noted Uganda’s diverse mineral resources, including iron ore, copper, and gold, inviting investors to the sector.
Ambassador Bigombe stated that the forum underscores the mutual commitment to strengthening economic ties between Uganda and Malaysia. She described Uganda as a nation with abundant natural resources, a young population, and a stable, liberalized economy.
Bigombe positioned Uganda as a gateway to the East African Community (EAC), a market of over 300 million consumers, and the Common Market for Eastern and Southern Africa (COMESA). She emphasized that investing in Uganda provides access to a broader regional market.
The expo’s theme is “Unlocking Uganda’s Business Potential,” focusing on key sectors: agro-industrialization, tourism development, oil and gas, science and technology, and mineral development.
Bigombe highlighted opportunities in agro-processing, tourism infrastructure within Uganda’s national parks, and bankable projects in the oil and gas sector, including the East African Crude Oil Pipeline (EACOP) and a planned oil refinery.
She also pointed to Uganda’s efforts in digital transformation and its rich mineral deposits, inviting sustainable investment in these areas.
Bigombe underscored the Uganda Investment Authority’s role in facilitating investors through a one-stop center offering services such as licensing and tax advice. She noted that Uganda permits full foreign ownership in most sectors, guarantees profit repatriation, and offers incentives like tax holidays for priority investments.
The Uganda Investment Authority has also identified over 120 potential investment projects across various sectors.
The two-day forum has drawn participation from private investors from both Uganda and Malaysia.
