UGANDA NAMED BEST INVESTMENT DESTINATION IN AFRICA

Wed, 05/15/2024

Uganda has been awarded as the best investment destination for attracting the most
significant foreign direct investment (FDI) projects in Africa in 2023. The prestigious
award, the AIM Investment Award 2024, was presented to Hon. Evelyn Anite,
Minister of State for Investment at a gala dinner at the Abu Dhabi National Exhibition
Centre (ADNEC) as part of the 13 the edition of the Annual Investment Meeting (AIM)
on 8 the May 2024.

Uganda’s winning projects included;

I.) Nexus Green, a solar energy company that manufactures and supplies
affordable solar-powered solutions designed for over 458 million people in
the East African Region without access to reliable energy. It has invested
over $100 million, with $10 million in the factory alone and employs 200
Ugandans directly and over 1,000 indirectly.

ii.) The second project is 1MTN, a high-quality nature-based carbon removal
project developer in Africa. It is on a mission to restore one million
hectares of degraded land by 2030 through planting polyculture native
bamboo with an emphasis on biodiversity management. Its current
investment is $1.5 million and planned investment of $100M in the next
four years.

iii.) The third entry is Spouts of Water, the largest manufacturer of ceramic
water filters in Africa, producing a convenient and affordable solution using
locally sourced materials. The current investment value is $10 million with
an extra $80 to $100 million planned in the next four years. The project
employs 450 Ugandans.

The highly competitive AIM award recognizes the accomplishments of a country in
attracting the most significant investment projects that contribute to economic growth
and development.

Acknowledging the award, t Hon. Evelyn Anite, said: “The award is a strong
recognition of efforts by the Government of Uganda and the Uganda Investment
Authority in creating a conducive environment for investments and doing business in
Uganda, including in the green economy”.

This is the second time Uganda is received an accolade from AIM. In 2023, it won
the award for the best investment destination in East Africa for attracting the best
investment project, Modern Tiles. At the same event, the Uganda Investment
Authority won the gold award for the best investment promotion agency in East
Africa.

AIM is an emerging market FDI-focused event that offers a blend of features and
activities aimed at enriching participants with a comprehensive view of the
investment environment in high-growth regions.

Established as the new staple for FDI, AIM attracts a mix of high-profile government
officials, private asset owners, and project promoters from all across the globe.