Uganda Seeks to Attract European Investors with Promising Economic Opportunities

A former British colony, Uganda is located in East Africa and is landlocked between Kenya, Rwanda, the Democratic Republic of Congo, South Sudan, and Tanzania. With a population of over 48 million people, the country covers an area of 241,038 km², roughly the size of the United Kingdom.

Nicknamed the “Pearl of Africa,” Uganda is a true gem of biodiversity and stunning landscapes. Its official language is English, and with a colonial past tied to the British Empire, Uganda had, until recently, very few relations with France, which had long focused diplomatically on West African countries.

With this first Uganda-France Economic Forum, the African country hopes to reverse the trend and attract French investors to continue its development.

With roundtable discussions on tourism, taxation, and networking opportunities, the day was rich in information. It was a chance for the country to convey a positive image and for investors to better understand Uganda and its economy.

For Doreen Ruth Amule, Uganda’s Ambassador to France, this forum plays an essential role and allows the French to better understand Uganda: “Uganda is a destination for tourism because everything you can see across the entire African continent is found in one place in Uganda. God has blessed Uganda with its landscapes, water bodies, animals, birds, species, and, most importantly, its people. Very happy, very friendly people, and the weather is just amazing. So, we had to inform the French, Spanish, and Portuguese about what we have, and present the incentives and the economic environment the government has created, which is why we organized this forum.”

An exceptional day that allowed the African country to present its ambitions, as explained by Floriane Thieblin, Development Director at Hopscotch Tourism France and one of the event organizers: “The objective of a day like this is to show Uganda’s ambition to develop in Europe, and particularly in markets such as France, Spain, and Portugal.” A marked ambition for the country, which seeks to encourage investors to create wealth in Uganda via a tax policy

Tax Incentives for Investors

Tax exemptions, land grants to establish businesses—these are some of the many fiscal policies the Ugandan government has put in place to attract foreign investors.

“We had to [through this forum] inform the French, Spanish, and Portuguese about what we have, as well as the incentives and the economic environment the government has created. Uganda is a country where you are free to repatriate your profits, you can get land for free from the government to invest, and we offer many tax exemptions and tax holidays,” explains Uganda’s Ambassador to France.

These incentives seem to be working, as many French companies have already decided to establish operations in Uganda, including major firms such as Total Energies and Vinci: “We have over 40 French companies investing in Uganda. We already have a relationship, but we need to strengthen it,” says Doreen Ruth Amule, Uganda’s Ambassador to France.

Thanks to this forum, the country hopes to attract French companies and thus boost its economy: “Today, we were able to tell our story to many people, and from there, we will establish a relationship that will go a long way in energizing our economy,” hopes Doreen Ruth Amule.

Since gaining independence from the British Empire in 1962, Uganda has never been as attractive. In 2023, the country ranked 4th among African countries that attracted the most foreign direct investment, with 2.88 billion dollars. It ranks behind South Africa and Egypt but ahead of Senegal and Nigeria.