Despite the global headwinds brought by inflation and disruptions that have hampered Africa's economic development, there are still many countries whose economies have shown exceptional resilience in the face of shocks, and Uganda is one of them. In the post-pandemic era, Uganda is poised to leapfrog the public eye with its potential.
Uganda's economy is unusually resilient, with real GDP growth set to reach 22 in FY23 21, according to the 21st edition of Uganda's Economic Report released by the World Bank7%。Driven by the rapid growth of information and communication technology, the strong recovery of the post-pandemic service sector has supported Ukraine's growth.
Source: World Bank's 21st Economic Report on Uganda.
Uganda's market development potential and challenges
Uganda is one of the most biodiverse countries in sub-Saharan Africa and a vibrant cultural hub. The 2019 World Economic Forum's Tourism Competitiveness Report ranked Uganda among the top five destinations for cultural resources and business tourism in the SSA. A well-functioning tourism industry allows Uganda to generate a wide range of economic benefits.
Naturally
Source: Photo.com.
According to the World Bank report, Uganda is far from reaching its full potential in tourism. In particular, cultural resources and business travel, infrastructure (aviation and ground transport and tourism service infrastructure, and health and hygiene). In the post-pandemic era, the global tourism process will resume, and the tourism and service industries will greatly support Uganda's economic recoveryDrive demand for food and beverage, hospitality services, transportation, infrastructure, entertainment, and unique local products and services
Source: World Bank's 21st Economic Report on Uganda.
At the same time, Ukraine has excellent agricultural resources.
Situated at the source of the White Nile River and on the north shore of Lake Victoria, Uganda is blessed with natural resources and is one of the few water towns on the African continent, where development is often limited by drought. The temperature remains around 25 degrees Celsius throughout the year, and Uganda is also known as the "Pearl of Africa". Uganda is one of the countries in Africa that can achieve food self-sufficiency and agricultural exports.
Source: World Bank's 21st Economic Report on Uganda.
According to the data, more than 80 per cent of Uganda's land is rated as high-quality arable land, of which only 35 per cent is developed. In recent years, Uganda** has identified agriculture as a priority development area in its five-year development plan and long-term plan for 2040. There is currently a shortage of agricultural technology and equipment to increase productivity.
Source: pinlitenet, invasion and deletion.
In addition, Uganda is a large and fast-growing consumer market.
According to the World Bank, Uganda's annual population growth rate is about 3%, one of the highest in the world, with nearly four-fifths of Ugandans under the age of 30 and half of the population under the age of 30. The advantage of the local population and the high degree of young population structure have made Uganda's human capital stronger than that of other African countries.
Source: pinlitenet, invasion and deletion.
At present, Uganda is vigorously building infrastructure
On 1 December, the Board of Directors of the African Development Bank Group met in Abidjan to approve the provision of 2$528.3 billion in loans to improve rural transport and promote regional integration, improve the business environment, and promote ** and transport activities.
Source: afdborg, invasion and deletion.
Uganda** status quo and transport environment
Uganda maintains an open external** and foreign exchange regime. According to UBOS, in 2022, the top three countries exporting goods and services to Uganda were:China ($1.5 billion), the United Arab Emirates ($1.1 billion) and India ($8$9.7 billion).。The main exporting countries are:South Sudan (60.6 billion U.S. dollars), Kenya (5$9.4 billion) and the Democratic Republic of the Congo (4$30.6 billion).Ukraine's main imports are: refined oil, automobiles, iron and steel, telecommunications and audio-visual equipment, medical equipment and medicines. The main export commodities are: coffee, fishery products, tobacco, corn, flowers, leather, etc.
Source: World Bank's 21st Economic Report on Uganda.
China and Uganda have always maintained friendly relations. According to China's Ministry of Commerce, China's direct investment flow to Uganda in 2020 was US$97.78 millionAs of the end of 2020, the stock of Chinese direct investment in Uganda was 7$100 million. The business scope of Chinese enterprises in Uganda involves energy and mineral development, infrastructure construction, digital TV operation, agricultural development, leather processing, footwear and plastic products manufacturing, steel and other building materials production, hotels and other industries.
Source: World Bank Economic Report on Uganda, 20th Edition.
Source: pinlitenet, invasion and deletion.
At present, the import and export of goods in Uganda is mainly transported by sea from China to Mombasa Port in Kenya, and then transported to Uganda by road, which takes more than 20 days by sea and about 10 days by road.
Entebbe International Airport is the only port airport in Ukraine, 45 kilometers away from the capital Kampala.