As the economic hub of East Africa, Uganda is continuously making strides towards a brighter and more prosperous future. It is no surprise, therefore, that there are always numerous business news stories to keep up with and stay informed on. In this article, we have compiled the top five business news stories in Uganda that you need to know today.
1. Uganda’s Tourism Industry Booms Amidst Pandemic
Despite the challenges posed by the COVID-19 pandemic, Uganda’s tourism industry has managed to stay afloat and even thrive. According to the Uganda Tourism Board, the country received 89,532 tourists in the first quarter of 2021, a 60% increase from the same period last year. This is great news for the economy as tourism is one of the country’s top foreign exchange earners.
2. Uganda’s E-Commerce Industry Takes Root
With more people staying home due to the pandemic, the demand for online shopping has significantly increased. In response to this, Ugandan e-commerce companies have sprung up to bridge the gap. Notably, Jumia Uganda, the country’s leading online retailer, recorded a 50% growth in demand for essential products such as groceries and toiletries over the past year.
3. URA Cracks down on Misdeclared Imports
In a bid to curb tax evasion, the Uganda Revenue Authority (URA) has ramped up its efforts to detect misdeclared imports. Recently, URA impounded a consignment of imported goods that had been undervalued by a staggering 76%. This move sends a strong message to businesses engaging in this illegal practice.
4. Uganda’s Oil and Gas Sector Inches Closer to Production
Uganda’s oil and gas sector, one of the most promising in the region, is inching closer to production. Last month, Uganda and Tanzania signed a deal to build a pipeline from Hoima in Uganda to the Tanzanian port of Tanga. This marks a major milestone in the country’s efforts to become a major oil producer.
5. Uganda Manufacturer Ventures into Solar Power
Ugandan conglomerate, Mukwano Industries, has invested in a solar project to power its factories. The $12 million project, which includes the installation of 3,000 solar panels with a capacity of 1.14 MW, is expected to reduce the company’s reliance on the national grid and lower its carbon footprint.
In conclusion, staying up-to-date with business news in Uganda is crucial for any entrepreneur or investor. From the thriving tourism industry to the growing e-commerce sector, these top five stories showcase the exciting opportunities and challenges facing the country’s business landscape.
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