Investors and entrepreneurs seeking opportunities in Uganda should consider industries such as manufacturing, infrastructure-related services and business finance.

So said Richard Mugera, Uganda country director at private equity firm Ascent Capital, during a webinar hosted by the East Africa Venture Capital Association (EAVCA).

According to Mugera, the Ugandan government wants to reduce the country’s reliance on foreign goods through higher import taxes. This creates fertile ground for local manufacturing ventures.

He highlighted opportunities to manufacture fast-moving consumer goods (FMCG) and packaging material. “The place to invest now is in manufacturing, especially medium-sized manufacturing plants,” Mugera said.

The government has borrowed considerable funds to invest in infrastructure, which, according to Mugera, could lead to increased business for companies involved in construction and other infrastructure-related services.

The provision of funding for businesses is another opportunity, particularly as Uganda aims to recover from the economic impact of Covid-19. “If you have an economy that is struggling to get off its knees, you need capital,” Mugera noted.