By Spy Uganda
The future of Africa is “bright” amid major opportunities for international investors, Ugandan Prime Minister, Rt Hon Robinah Nabbanja has said while speaking on the potential for the continent’s development during the World Government Summit 2022.
During a session entitled ‘The Rise of Africa: Strategies and Dynamics’, Nabbanja said
with 1.2 billion people on the continent and a GDP of US$37 billion in Uganda, “the purchasing power is there, we only need to get companies to come here and tap into that market.”
Rt. Hon. Nabbanja also pointed out that Uganda is a “very secure environment for investment.” She said, “Our infrastructure is developed. We have oil, and we are looking for investors to develop that sector. Uganda’s potential is so high.”
Philip Mpango, Vice President of Tanzania, said, “This is a momentous time for the African continent – there has been a tectonic shift with the rise of China and India and the transformation of trade routes from historical, colonial ones to Africa now doing more business with the Eastern world.”
A running theme of the conference was the resilience of the African continent to grow despite a series of shocks. Mohamed Béavogui, Prime Minister of Guinea, said that because of this resilience, investors are not and should not be concerned about instability further down the line.
He spoke of enhanced security measures making the movement of goods and people easier in Guinea. “The macroeconomic indicators are in the best position in 20 years,” he added.
The leaders said that the aim is to create a continental free trade area that will give African nations room to sustain themselves.
In this context, Mpango said they are “focusing now on new ways of doubling, even tripling the economy by reforming the system so the investment climate is attractive for foreign investments”.
