The Uganda Free Zones Authority has issued Blockchain Technologies Ltd. a developer’s license to establish a free zone, the first of its kind in Africa, to 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.
When fully operational, the free zone will have many benefits to Uganda, including increased Foreign Direct Investment, 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.
Uganda is 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.