Uganda is ripe for Investment, Minister Baryomunsi assures Japanese Investors
Frank Semata 
The Minister for ICT and National Guidance, Hon. Chris Baryomunsi has rallied Japanese investors to come and explore investment opportunities that are huge in Uganda.
This was during the closure of the ICT Business tour, an initiative sprouted from the Record of Discussion of “ICT Industry Promotion Project” that was signed between the Ministry of ICT and National Guidance and Japan International Cooperation Agency (JICA) in November 2022.
This business tour was planned to captivate the interest of the Japanese companies in the ICT business in the country.
The minister in his speech assured the Japanese business investors that Uganda is a goldmine for investment and they need to take up Investment opportunities that are available in different sectors.
“The Ministry of ICT&NG would like to assure all prospective investors that Uganda is ripe for investment. I, therefore, take this opportunity to invite you to invest in our economy and also encourage other Japanese firms and companies to visit Uganda and also explore the different investment opportunities we have in the different sectors.” Baryomunsi noted.
He added that, “Our National Development Plan 3, under the Digital Transformation Program, highlights ICT as a fulcrum of development and a crucial driver of social and economic development and it states that over the NDP III plan period, an economic growth rate of close to 7% is expected. This is expected to yield an annual average of 520,000 jobs.”
“To ensure the realization of the aspiration in the Digital Transformation Program, we are Cognizant that investment into the ICT industry is inevitable.”
On the part of foreign investors coming into the economy, Baryomunsi noted that, “We believe that the entry of foreign investors into the economy comes with the opportunity to link domestic firms with international firms and boost knowledge spillover and job opportunities across the different sectors.”
Uganda’s ICT sector reflects the increased use of ICT as there is a sizeable growth in e-business transactions in Uganda like mobile money, Jumia and Safe boda for which the Minister says have played a big role in the economic development of the country.
“As a country, we have positioned ourselves as Africa’s innovation powerhouse and the hub for Business Processing Outsourcing. The main opportunities for business process outsourcing and ICT services exist in agriculture, health, tourism, banks, insurance, and public administration.” He noted
The permanent secretary in the Ministry of ICT and National Guidance, Hon. Aminah Zawedde noted that the call for investors was a deliberate effort by the Ministry to create jobs and place Uganda at the frontline of the new wave of technologies and support ICT companies to accelerate the transition into a digital economy.
Hon. Joyce Ssebugwawo, Minister of state for ICT. photo/courtesy
