KUALA LUMPUR— Uganda has set an ambitious goal to expand its economy from $50 billion in fiscal year 2022/23 to $500 billion by 2040, driven by an aggressive investment campaign, the country’s finance minister said.

Speaking at the Pearl of Africa Trade Expo in Malaysia, Finance Minister Matia Kasaija touted Uganda as a prime investment destination, citing the stability of its currency, a stable macroeconomic environment, and a fully liberalized economy. He noted that the private sector accounts for about 80% of the country’s GDP, leading to increased demand for intermediate goods and services.

Kasaija pointed to affordable power tariffs for large industries and sustained peace and security as key factors boosting export competitiveness. He highlighted a rise in Foreign Direct Investment (FDI) from $1.2 billion in 2020 to $3.0 billion in 2023.

The trade expo in Malaysia was organized by the Ugandan High Commission to tap into business opportunities within the Association of Southeast Asian Nations (ASEAN) market, a 10-country bloc. Kasaija emphasized Malaysia’s potential to help Uganda shift from low-value to high-value added exports, urging investment in agro-industrialization, tourism development, mineral-based development including oil and gas, science and technology including ICT, and creative industries. The expo is listed as ASEAN’s first East African Community EXPO.

Kasaija also cited projections from the International Monetary Fund (IMF), which indicates Uganda’s economy is on an upward trajectory and among the world’s fastest-growing, with a projected real GDP growth of 7.5% in 2025. The Ugandan government’s overarching goal is to fully monetize the economy to enhance self-sufficiency and cause structural transformation.

Uganda’s membership in regional agreements such as the East African Community (EAC), the Common Market for East and Southern Africa (COMESA), and the African Continental Free Trade Area (AfCFTA) guarantees access to a large free trade area with a combined population of over 1.5 billion people and a GDP of about $3.0 trillion, Kasaija said. He added that the average Return on Investment (RoI) for Uganda’s economy continues to rise beyond 14% attained in 2022.

The minister also noted that Uganda has added 31 new products to its export basket over the last 15 years, most of them manufactured goods, including concentrated milk, hair products, butter, casein, and paper labels. “This momentum needs to be maintained,” Kasaija added.

Also speaking at the expo, Energy Minister Ruth Nankabirwa said Uganda has only explored about 40% of its petroleum potential, with further investment opportunities in electricity generation, transmission, and distribution to supply the region. She stated that Uganda is now fully covered by high-resolution airborne geophysical surveys, with geological mapping and surveys underway to inform mineral, petroleum, and energy resource exploration and development. “There exist investment opportunities in mineral exploration, mining, mineral processing and refining, manufacturing, trade with a number of incentives to investors. Uganda is ready,” Nankabirwa said, pledging the government’s commitment to providing a conducive environment and necessary infrastructure.

On the sidelines of the expo, the Ugandan delegation met with senior Malaysian government officials, including Deputy Minister of Investment, Trade and Industry Liew Chin Tong, who expressed Malaysia’s interest in bilateral partnerships in the agriculture sector. According to State Minister for Agriculture Bright Rwamirama, Uganda has significant livestock resources, including 16.5 million cattle, 18.5 million goats and sheep, and 8 million pigs, presenting “unrivalled areas of investment opportunities” in the sector.

The Expo was also attended by the Minister of Agriculture and Food Security of Malaysia, Yang Berhormat Datuk Seri Haji Mohamad Bin Sabu.