Anite, Morrison Rwakakamba & UIA official smile after receiving the Award

NEWS- Uganda has been awarded as the best investment destination for attracting some of the significant foreign direct investment (FDI) in Africa in the year 2023. The prestigious award, the Annual Investment Meeting 2024 (AIM), was to the Minister of State for Investment and Privatization Hon Evelyn Anite at dinner in Abu Dhabi National Exhibition Center (ADNEC) as part of the 13th edition.

The Annual Investment Meeting that started on 7th May 2024, is being held under the theme, “Adapting to a shifting investment landscape: Harnessing new potential for global economic Development”.   

The Uganda Investment Authority, inline with the theme, submitted 3 green investment projects following the successful conference of parties (COP) last year in Dubai, the United Arab Emirates that attracted over US 400 million dollars’ worth of foreign direct investment to Uganda.

- Advertisement continue reading below -

The winning projects included Sprouts of Water, the largest manufacturers of ceramic water filters in Africa, producing convenient and affordable solutions using locally sourced materials and its products reach over 200,000 households and aims to reach 6 million households by 2030 and has an investment value of US 10 million dollars with extra US 80 million to US 100 million dollars in the next 4 years and employs 450 Ugandans.

The second project is 1MTN, a highly quality nature based carbon removal project developer in Africa whose mission is to restore one million hectares of degraded land by 2030 through planting more polyculture native bamboo with emphasis on biodiversity management and its current investment value is US 1.5 million dollars and planned investment of US 100 million dollars in the next 4 years.

The third is Nexus Green, a solar energy company which manufactures and supplies solar powered solutions designed for 458 million people in East Africa without reliable energy and has invested with United Kingdom Exports over US 100 million dollars with US 10 million dollars in the factory alone and employs over 200 Ugandans directly and over 1,000 others indirectly.                            

The highly competitive award recognises the accomplishments of a country in attracting the most significant investment projects which contribute to the economic growth and development of the markets.                                                 

While receiving the award, Minister Evelyn Anite said that the award was a strong recognition of efforts by the Government of Uganda and the Uganda Investment Authority in creating a conducive environment for investment and doing business in Uganda including in the green economy.  

According to the Chairman of Uganda Investment Authority Morrison Rwakakamba, the Sprouts of Water and Nexus Green are strategic green investments that demonstrate the commitment of Uganda to mitigate the adverse effects of climate change and other world’s environmental challenges.      

The Director General of Uganda Investment Authority Robert Mukiza said that the award is not only an affirmation of Uganda as the best investment destination in Africa but also the strong and effective efforts the Authority is making in attracting quality, relevant and sustainable investment in Uganda.                                                              

According to Uganda Investment Authority Deputy Director for Communications and Public Relations, this is the second time Uganda is receiving an accolade from Annual Investment Meeting (AIM), in 2023 it won the  same award through Modern Tiles and at the same event Uganda Investment Authority won the gold awards for the best investment promotion agency in East Africa after Authority licensed 1,202 Investment Projects with a planned investment value of US 16.5 billion dollars and 142,524 planned jobs.

The Annual Investment Meeting (AIM) is an emerging markets Foreign Direct Investment focused event that offers a blend of features and activities aimed at enriching participants with comprehensive view of the investment environment in high growth regions and the annual meeting attracts high profile government officials, private asset owners and project promoters from all over the world.