Uganda has been able to achieve stable annual economic growth averaging 7% per annum since the year 2007, making Uganda one of the fastest growing economies in East Africa. Various reports released in 2013 indicate that Uganda has emerged a favourite destination for foreign investors in the East African region due to macro economic stability and the discovery and the ongoing exploration of oil. The 2012 Index of Economic Freedom ranked Uganda the 8th freest economy in Africa.
Notably, foreign investors require a minimum of US$100,000 in planned investment in order to secure an investment license from the Uganda Investment Authority (UIA), whereas for local investors, the minimum planned investment requirement is US$50,000. Local investors, however, may proceed with their investment without licensing with the UIA.
Dr. Maggie Kigozi, a former Executive Director, UIA, a business woman and mentor in a recent interview said: “We need investors in every area particularly the oil sector; we need a refinery, various agro based industries, Vaseline and agriculture which is more sustainable.
