If you’re looking to expand your company’s reach or start a new one in Africa but you’re not sure where to look, have you considered Uganda? In recent years, the country’s commitment to new infrastructure and socioeconomic progress has skyrocketed, exemplified by a brand new 72-bed hospital set to transform the national paediatric healthcare system.
Previously, entrepreneurs have been dissuaded by Uganda’s tainted economic history. However, with ambition and confidence, there’s no reason why investing in Uganda’s economy shouldn’t be seen as an opportunity for growth and an immense marker of progress. Read on to find out more about trading in Uganda in 2022 and beyond.
Uganda: an economic background
Geographically, Uganda is a landlocked country extending across the equator, nestled amongst the heart of sub-Saharan Africa and still within East Africa. Since the civil war of 1986-1984, Uganda has developed modestly and steadily in comparison to its neighbours. However, its contemporary growth and recovery in light of the Covid-19 pandemic is encouraging, with 49% of the population expected to be fully vaccinated by June 2022.
Setting up a business in Uganda
The key to trading in Uganda is working with international specialists who know their way around what’s required to strike a successful deal with some of the country’s most strong-willed, uncompromising businessmen. Experienced professionals will be able to offer targeted tax services and relevant company registrations in addition to guiding your firm through the Ugandan business culture, legal requirements, and assessing the risks involved.
Which sectors are thriving in Uganda?
IT services
There’s an incredibly high demand for IT services throughout Uganda. From essential computer maintenance and repairs to specialist service packages including software installation, cybersecurity, data recovery and troubleshooting, this sector makes an incredibly versatile choice. You’ll have the freedom to serve several customers at once and handpick the services you’d like to provide.
Mobile phone repairs
Many Ugandans use mobile phones, but there’s a major shortage of people who know how to fix them when they go wrong. Setting up a mobile repair shop in a bustling metropolis could be lucrative, especially once your services gain a strong reputation through word of mouth.
Application development
With iOS and Android application markets proving a Western focus, there’s a gap in the market for application development specifically for use in African countries, including Uganda. Whether you design an app for health and fitness, business, or vehicle tracking, you’ll be able to promote it with confidence.
Online teaching
Unfortunately, the quality of education in Uganda falls behind neighbouring countries, often leaving Ugandan children without access to suitable resources, infrastructure, and expertise. If you’re an academic or a qualified teacher and you can invest in a long-term project, setting up an online tutoring business or school in Uganda could not only be successful but also incredibly rewarding.
As with any foreign investment, moving your international business focus to Uganda carries risks. Before you embark on your journey, just make sure you’ve checked the official guidance.
