The Permanent Secretary and Secretary to the Treasury (PSST) Ramathan Ggoobi has called on United Kingdom investors to bring both capital and technical expertise to Uganda as the country seeks to create 500,000 jobs annually and grow its economy to $500 billion by 2040.
Ggoobi made the appeal during meetings with investors from the Westminster Africa Business Association and the Eastern Africa Association at the Uganda High Commission in London. He also engaged insurers, banks, and investors at the Standard Chartered Bank headquarters in London, where he presented Uganda’s economic update and strategic priorities under the Tenfold Growth Strategy.
He noted that Uganda’s development agenda requires strong partnerships with foreign investors to support the government’s ambition of transforming the country into a modern and competitive economy.
According to Ggoobi, Uganda is prioritising key sectors with strong potential to drive employment and economic expansion. These include agro-industrialisation, tourism development, mineral development—particularly oil and gas—as well as science, technology, and innovation, with a special focus on ICT and the creative arts.
He emphasised that beyond financial investment, Uganda is seeking partners who can offer practical skills, facilitate technology transfer, and provide industrial expertise to strengthen local production and competitiveness.
Ggoobi also assured prospective partners in the United Kingdom that Uganda maintains a stable and well-managed macroeconomic environment with strong long-term growth prospects.
He explained that this stability is anchored in prudent monetary policy, with robust foreign exchange reserves providing a buffer against external shocks.
“Favourable terms of trade, alongside strong portfolio flows and foreign direct investment, have helped boost Uganda’s foreign exchange reserves to an all-time high,” Ggoobi said.
He added that real GDP growth is projected to exceed 7 percent in 2026, driven largely by developments in the oil sector.
According to him, oil production is expected to begin in the fourth quarter of 2026 and peak at approximately 230,000 barrels per day by around 2028, potentially lifting economic growth to about 9 percent.
Uganda’s High Commissioner to London, Nimisha Madhvani, reaffirmed the mission’s commitment to attracting more investors, stating that the embassy will continue promoting Uganda as a prime investment destination.
She encouraged UK investors to explore Uganda’s vast opportunities, describing the country as the “Pearl of Africa” with significant untapped potential across multiple sectors.
The engagements form part of Uganda’s broader strategy to position itself as a leading destination for foreign direct investment and to accelerate economic transformation through private sector-led growth.
