Government forecasts $1 billion flow into EV investments by 2030
Minister of Science, Technology, and Innovation, Dr. Monica Musenero, says Uganda is already 16% into its target of attracting $1 billion in electric vehicle investment by 2030. So far, $160 million has been invested, with Uganda now boasting the capacity to produce up to 10,000 electric vehicles annually. An additional $800 million in commitments is expected over the next five years, and more government funding has been pledged in the upcoming financial year to help maintain the momentum. Meanwhile, industry players are already reaping the benefits of tax exemptions, a policy aimed at boosting their competitiveness and enabling expansion.
