The 3rd Uganda-European Union Business Forum, which concluded on March 7, 2024, marked a significant milestone in strengthening economic ties between Uganda and the European Union (EU).
With a focus on enhancing trade and investment opportunities, the forum saw the launch of eight projects backed by a substantial financial commitment of over €200 million (Shs 852 billion) from the EU.
Ms Myriam Ferran, EU International Partnerships Deputy Director General, said the projects would “bolster Uganda’s economy and create new employment opportunities.”
The projects, spanning various sectors including small business support, female entrepreneurship, agribusiness, and digital infrastructure, underscore a strategic shift towards fostering trade and investments to drive economic growth.
Prime Minister Robinah Nabbanja said Uganda exported to the European Union goods (mainly primary goods) worth 800 Million Euros and imported products valued at 700 Million Euros from the EU in 2022.
She invited investors from the EU to set up industries in Uganda to add value to Uganda’s primary goods.
The Premier also welcomed the eight new projects worth Shs 852 billion launched by Team Europe and Uganda at the Forum to support small businesses, women entrepreneurs, agribusiness and digital infrastructure initiatives in Uganda
At the heart of the forum were compelling pitches by 30 Ugandan companies vying for European investments, with a total value exceeding €14 million (Shs 60 billion).
Over three days, the event facilitated 100 structured business-to-business meetings, providing a platform for European investors to engage directly with Ugandan entrepreneurs.
Officials said President Museveni’s presence as the Chief Guest, alongside high-level government officials, highlighted Uganda’s commitment to strengthening economic cooperation with the EU.
Prime Minister Robinah Nabbanja’s role in officiating the forum’s closure also underscored the collective determination to deepen bilateral economic relations, according to organisers of the event.
During the forum, President Museveni engaged in discussions with European investors, addressing both the challenges and opportunities of investing in Uganda.
Trade
The launch of a portal aimed at supporting the private sector and Ugandan entrepreneurs in overcoming financial barriers is expected to foster an enabling environment for business growth.
Reflecting on the outcomes of the forum, EU Ambassador to Uganda Jan Sadek emphasised the dialogue’s focus on identifying opportunities and addressing challenges within the trade and investment landscape.
The initiatives launched during the event aim to provide direct funding to micro, small, and medium-scale enterprises, prioritising sectors crucial for Uganda’s economic development.
State Minister of Finance for Investment and Privatization, Hon. Evelyn Anite, lauded “Uganda’s attractiveness as an investment destination”, citing its favourable returns and abundant natural resources.
The forum’s spotlight on key economic sectors such as agribusiness, sustainable mining, infrastructure, and tourism further reinforces Uganda’s appeal to European investors.
Representatives from various European nations attended the forum in what officials said indicates a shared commitment to nurturing mutually beneficial economic ties.
PSFU Chair Mr Humphrey Nzeyi commended the timely nature of the forum, emphasising its role in facilitating engagement between European and Ugandan private sectors. UIA Chair Mr Morrison Rwakakamba reiterated Uganda’s proactive approach in fostering economic cooperation, emphasising key sectors pivotal for wealth creation and sustainable growth.
