With Blockchain being slated as the transaction means of the future, the Uganda Free Zones Authority has issued the first company called Blockchain Technologies Ltd. a developer’s license to establish a free zone, the first of its kind in Africa, that will focus on Blockchain and emerging technologies.
The free zone will attract and host global companies in the digital market space, creating an environment where digital innovations can be set up, tested and commercialized with incentives and a supportive regulatory framework.
The free zone will have many benefits to Uganda, including increased Foreign Direct Investment (FDI), a more vibrant innovation ecosystem and increased job creation. This is in alignment with the government’s commitment to promote ICT and innovation as a cornerstone for national development, as articulated in Uganda’s Vision 2040.
On July 3rd, the 2nd Blockchain conference was held in Kampala, Uganda and it brought together over 3000 people comprising of the public and private sector, experts and leaders from global technology companies, entrepreneurs, innovators, students, youth and government representatives including the President of Sierra Leone, HE Julius Maasa Bio to discuss and exchange ideas on the 4th Industrial Revolution.
This makes Uganda the first country in Africa to issue this kind of license, and the free zone will position the nation as a continental leader in blockchain technology and the Fourth Industrial Revolution. At the license ceremony, the acting Executive Director of Freezones Authority commended Blockchain Technologies Ltd, and its parent company CryptoSavannah, for being forward thinking.
The free zone will have several incentives that will attract foreign direct investment, and provide an opportunity for young innovators to generate interest and investment in their ideas and products.
