Uganda is positioning itself as East Africa’s premier tech hub, evident in a recent investor summit led by Dr. Monica Musenero, the Minister of Science, Technology, and Innovation. President Yoweri Museveni’s announcement of a $150 million science and technology fund and a ten-year tax break for innovative firms underscores the government’s commitment to tech development.
The summit, attended by President Museveni and Dr. Musenero, aimed to attract investors to Uganda’s burgeoning tech sector. David Gonahasa, founder of Tripesa, challenged investors to consider Uganda as an investment destination.
The summit featured prominent investors such as Uwem Uwemakpan, Tobi Oke, Nela Duke Ekpenyong, Ryosuke Yamawaki, and Eric Osiakwan. Despite managing over 400 companies, these investors collectively have only two investments in Uganda.
Tobi Oke attributed the low investor interest to Uganda’s low profile among investors. Eric Osiakwan stressed the importance of local investors taking the lead in driving investments.
President Museveni’s presence at the summit and the announcement of a $150 million fund and tax exemptions emphasise the government’s commitment to technology and innovation. Dr. Musenero expressed her ambition to position Uganda as the top investment destination in the region.
The approach is described as one of “listening and capturing” ideas from the investor community. The idea for the investor summit originated during a Ugandan delegation’s visit to the GITEX conference in Marrakech in May 2023.
David Gonahasa recalled Dr. Musenero’s directive to replicate such events in Uganda. An investor from Rwanda noted that inaugural events like these may have imperfections but cited Rwanda’s success as a model for Uganda to emulate.
Recent successes in Rwanda, including Paystack’s beta launch and Flutterwave’s East African hub, offer inspiration. Uganda’s entry into the tech sector is seen as healthy competition within the region. While comparisons with Kenya are tempting, Uganda’s unique contributions are expected to become more evident in the coming months and years.
Uganda can look to Rwanda’s blueprint, emphasising government support and investor-friendly policies, to signal seriousness about tech development. The competition is viewed positively, with each country bringing its unique offerings to the table.
