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Uganda's Economic Star at 6.1 Magnitude and Rising

Friday, 11th January 2019
In his 2019 New Year Message, President Yoweri Museveni has highlighted Uganda's determination to pursue economic growth against a secure and peaceful climate. "Ugandan patriots" he said, had "invested a lot of energy in creating stability in Uganda.  Nobody will be allowed to destabilize this." The President's speech touched on political stability, on matters of the youth as a demographic dividend and on the fight against corruption. The speech was, however, dominated by matters of economic growth: irrigation-agriculture, industrialization, youth employment, infrastructure development and land.

Prospective investors to Uganda will be pleased to know that the country has stable electricity supply, with 1,800 megawatts available on the national grid. This quantity of power supply at Uganda's economic development level guarantees that there are no power cuts. A lot more besides this can be tapped off-grid thanks to advances in solar energy technologies. The President also alluded to the fact that Uganda is highly accessible thanks to  a network of good quality bitumen roads; and underlined that the country is working on railway and water transport. 

Bright prospects for economic growth in Uganda are also marked by increasing trade between the country and its sister East African Community member states as well as with COMESA, the Common Market for Eastern and Southern Africa. The President highlighted that over the last year, Uganda had done brisk trade within the region coming out with a surplus in her trade with COMESA. This indicates that the country is a strategic location for production as it already had access to the EAC and COMESA markets; besides its own growing domestic market. The message to investors is that goods produced in Uganda will not lack market: this being a major consideration for any investors in new prospective investment locations.

Apart from power and transport infrastructure, investors are often worried about the quality of labor in deciding the location of their firms or investments. They should be reassured by the President's 2019 speech. Since Government introduced Universal Primary and Universal Secondary Education, not only have literacy levels shot up from 47% to 75% in record time, Uganda graduates thousands of youth per year from over 50 universities and degree-awarding institutions in the country. Graduates at secondary and university levels take a very short time to be trained and molded into the type of workers needed by any industry. Some of the graduates are moreover, trained in specialized skills which would be of great advantage to any investors in the areas of these specialisms.

 As the new year starts therefore, Uganda offers brilliant prospects for investors in many areas;  based on its strategic advantages in this part of Africa' The bottom line is as stated by the President in his New Year Address: the security of the investor and his or her property, which is guaranteed by a country that puts a premium on peace, economic growth and development.