Africa has long been in the spotlight for its unique innovations regarding fintech and financial novelties. Various countries including Nigeria, South Africa, and Uganda are adopting numerous financial innovations that are beneficial for people. The latter especially has been known for an incredible surge of financial opportunities in the jobs market.
The expansion of financial opportunities in Africa is just beginning. Uganda is a prominent example of that. The state has set itself quite ambitious goals for rapid industrialization. This is due to the fact that after the past political turmoil, the government spent time establishing the foundations of national development: security of life and property, law and order, basic infrastructure, stabilization of economic life, and so on.
Having successfully completed this initial phase, which is bogged down in many developing countries, the country is now set to develop rapidly, as outlined in Vision 2040, which defines the government’s development path and strategy for achieving national transformation. Undoubtedly, such accelerated industrialization requires an increase in energy supply, and various countries are already contemplating investing in this sector.
Forex trading rapidly developing in the country
While a few years ago Forex trading was only an imaginary thing for Ugandan citizens, now this field is rapidly developing in the state. A lot of people are taking up Forex as a side job. Ugandan citizens gradually sign up on Ugandan forex platforms and plenty of them have already made a fortune. Even though becoming a decent trader requires a long time and relevant experience, Ugandan traders are getting only more in the country.
Mineral resources aiding the country
Uganda is rich in mineral resources including copper, gold, cobalt, tin, phosphates, vermiculite, diamond, oil, niobium-tantalum (columbite-tantalite), titanium, tungsten, chromite, magnetite, uranium, iron ore, and others. This potential is largely untapped and this sector offers promising returns to investors. Because of that different governments are seeking investment opportunities in the country.
Intensively developing agriculture is another promising area of investment. Agro-processing industry and crop protection. The country has rich soils and a good climate produces coffee, tea, cotton, cocoa, sugarcane, mango, pineapple, oranges, tangerine, papaya, passion fruit, and all kinds of other tropical fruits, as well as vegetables, corn, beans, peas, peanuts, sunflowers, sesame seeds, flowers and more. In addition, the country provides excellent conditions for the dairy and poultry industry. Any investment in the intensive agriculture and agro-processing industries promises high yields. The government has also identified key projects for investment in the development of oil, energy, transport, and information and communication technologies
Tourism as the main contributor
Tourism is another area of investment. Churchill called Uganda the pearl of Africa because of its scenic beauty, flora and fauna, year-round mild climate, and, of course, hospitable people. Visiting Uganda is unforgettable and should be everyone’s dream. Investing in hotels, beaches around Lake Victoria, campsites in various national parks, cruises along large lakes, rafting, climbing trails, and other tourist sites will bring good returns.
The use of satellite data for precision farming, mineral exploration, and other economic activities has great potential. Other areas also include the creation of a state-of-the-art mineral testing laboratory, agricultural chemicals research, pharmaceuticals, ICT, and technology parks.
As a conclusion, we should say that economic development in the country is clearly visible. Uganda is adopting various innovations, which is directly affecting the job market in the country. Young people who are more engaged in technological development and the fintech industry see it as a future. The development of Forex trading is especially visible as more young people are learning the concepts of Forex via the Internet and other tutorials.