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East Africa Business Forum 2021: Doing business in Uganda

In the backdrop of the East Africa Business Forum 2021, we held a session on Doing business in Uganda'. The session was led by Suzanne Prada, Head of the Economic Department, Embassy of France in Uganda, Robert Busuulwa, Founder & Managing Partner, Mazars Uganda and Franck Laffont, General Manager, Newrest Uganda.

Some takeaways from the session:

  • Uganda’s GDP grew at 2.9% in FY20, less than half the 6.8% recorded in FY19, due to the COVID-19 pandemic. GDP is expected to grow at a similar level in FY21.
  • The economy is highly reliant on agriculture and is mostly non-industrial/commercial.
  • Uganda has a domestic market of 40 million people and a regional market of over 250 million people
  • Less than 15% of Ugandans have access to electricity
  • Investment opportunities exist in several sectors: Infrastructure, Mining, Health, Agriculture, Real Estate, Tourism, Energy, ICT, Industrialization, Oil and Gas
  • VAT exemption for capital investment in excess of USD 30m is offered to foreigners if there is evidence of using 70% of local resources or if they invest USD 10m in a tourism business with a 100 guest capacity
  • A 10 year income tax exemption is offered to manufactures that meet the capital investment threshold of USD 10m for foreigners if the investment is in agriculture, electrical, sanitary pad or industrial use
  • Approximately 30 French companies are present in Uganda and several others, not established in the territory, nevertheless have interests there

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