By Happy Christine
Uganda’s Finance Minister, Matia Kasaija, has backed the European Union’s Global Gateway, a distinct financial offer by Europe to partner countries such as Uganda.
“This strategy will support Uganda’s ability to access equity to finance its projects, especially in infrastructure and other strategic sectors, in addition to building the capacity and resilience of Uganda’s private sector to grow the economy,” said Kasaija.
The Minister spoke Tuesday during the on-going 3rd Uganda-European Union Business Forum in Kampala.
Myriam Ferran, the Deputy Director General at DG International Partnerships (DG INTPA), European Commission, said under the Global Gateway arrangement, Europe is coalescing the efforts and funds of the EU, its Member States, finance institutions like the European Investment Bank, and EU Member States national development banks and implementing agencies to deliver targeted investments.
“Global Gateway engages with the private sector to achieve transformative change while working with partner countries like Uganda to address their own priorities in support of shared objectives,” she observed.
“We do so in a rules-based and sustainable way. Our partners know that when they choose to team up on Global Gateway projects, the EU offers attractive financial conditions to reduce risks and improve debt sustainability.”
On his part, Kasaija said Uganda’s development cooperation with the EU is mutually beneficial and needs to be significantly increased and broadened, and that the Global Gateway strategy focuses on priority areas that are consistent with Uganda’s development agenda.
“EU remains a solid and long-standing development partner of Uganda in various areas of interest, especially trade and investment,” said Kasaija.
Myriam Ferran, the Deputy Director General at DG International Partnerships (DG INTPA), European Commission addressing the congregation
The forum marks a pivotal moment for Ugandan businesses seeking to expand their horizons and capitalize on international partnerships.
Amidst a backdrop of economic collaboration and strategic dialogue, the forum is seen as a catalyst for growth, offering a platform for Ugandan companies to harness opportunities, forge partnerships, and unlock new pathways to prosperity.
The Finance Minister said Uganda’s exports to the EU remained resilient even during the peak of COVID-19, posting a 53% increase from USD 502.5 million in FY 2019/2020 to USD 770.41 million in FY 2022/23.
He said that as of 2022, the EU was Uganda’s largest foreign direct investment (FDI) source, with over 38% of FDI inflows originating from EU partner states.
The EU is also Uganda’s key tourism partner, accounting for over 50% of European arrivals.
Trade partnership
Speakers at the UEBF articulated a compelling narrative on the tangible benefits awaiting Ugandan businesses, shedding light on key areas of opportunity and growth potential.
From access to European markets to technology transfer and innovation, each speaker underscored the transformative impact of the forum on Uganda’s business landscape.
With investments pouring into sectors ranging from energy to agribusiness, officials say the EU’s partnership with Uganda promises to fuel economic growth and create new avenues for investment.
The Chairman of the Uganda Investment Authority, Morrison Rwakakamba, emphasized the forum’s role in facilitating durable business partnerships, fostering sustainable growth, and promoting inclusive development.
Rwakakamba highlighted Uganda’s strategic focus areas, including commercial agriculture, mineral value addition, tourism, manufacturing, and enabling infrastructure, as catalysts for economic transformation.
Ambassador Jan Sadek, representing the European Union, reaffirmed the EU’s commitment to bolstering trade and investment ties with Uganda.
Amb Richard Kabonero (2nd left) with Swedish envoy, Amb. Maria Hàkansson, Danish ambassador, Amb Albjerg Winding and Amb Margaret Oteskov, Uganda’s ambassador to Denmark at the business forum
With a focus on attracting European investment and increasing trade, Sadek underscored the EU’s Global Gateway investment strategy, aimed at leveraging investments for sustainable and inclusive growth in partner countries.
The UEBF has offered a platform for Ugandan businesses to tap into European markets, with discussions focusing on trade policies, market dynamics, and regulatory frameworks. Through strategic partnerships and market intelligence, EU officials said Ugandan companies stand to gain access to lucrative opportunities across various sectors, reducing reliance on traditional markets and diversifying export portfolios.
Technology emerged as a key driver of growth, with sessions dedicated to technology transfer, innovation, and digital infrastructure.
By leveraging European expertise and resources, Ugandan businesses can enhance productivity, streamline operations, and embrace innovation-driven strategies for sustainable growth and competitiveness.
Capacity building and skills development emerged as critical enablers for business success, with workshops and training programs aimed at empowering Ugandan companies to navigate complex business landscapes effectively.
Through knowledge-sharing and mentorship initiatives, local enterprises can enhance their capabilities and seize new growth opportunities.
Sustainable development also took center stage at the UEBF, with discussions focusing on eco-friendly technologies, renewable energy solutions, and corporate social responsibility initiatives.
By integrating sustainability principles into business practices, Ugandan companies can enhance their competitiveness, mitigate environmental risks, and contribute to a greener future.
Networking and collaboration opportunities abounded at the UEBF, providing a platform for Ugandan businesses to connect with potential partners, investors, and stakeholders. Through interactive sessions and business matchmaking events, participants forged meaningful connections and laid the groundwork for future collaborations, fostering a vibrant ecosystem of innovation and growth.
As the UEBF draws to a close, stakeholders have expressed optimism for the future, buoyed by the promise of new partnerships, opportunities, and pathways to prosperity.
With a shared vision for economic development and mutual growth, participants said Uganda and the European Union can embark on a journey of collaboration, innovation, and prosperity, paving the way for a brighter future for Ugandan businesses and communities alike.
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