The Ministry of Trade, Industry and Cooperatives has signed a Memorandum of Understanding with Norwegian company, Innovation Norway geared towards representing a major step forward in Uganda’s efforts to promote trade, investment, and cooperation.
Through this MoU, Uganda will collaborate to drive economic growth and development. Uganda’s focus on data innovation will enhance data-driven decision-making for cooperative societies, improving their efficiency and competitiveness.
In her speech at the signing presented by the third deputy prime minister Lukia Nakadama, Prime Minister Robinah Nabbanja said with Uganda’s cooperative sector contributing significantly to the country’s GDP – approximately 33% – and providing employment opportunities for 1.5 million Ugandans, this partnership will have a profound impact.
“Norway has been a steadfast partner in Uganda’s development journey, and we are grateful for their continued support. The introduction of Norwegian technology will boost Uganda’s industrialization, job creation, and economic diversification. Research indicates that every dollar invested in technology generates a return of $2.50 in economic growth. We expect this partnership to create over 10,000 jobs in the next three years and increase Uganda’s export earnings by 20%,” she said.
Nabbanja explained that this collaboration will be comprehensive, encompassing data innovation to digitalize Saccos economies, technology innovation to promote exchange of information and knowledge management, dialogue through workshops and social media engagement, research and development to digitalize the informal economy, and capacity building to train and build skills for cooperative society members.
She revealed that in implementing these initiatives, the Ministry of Trade, Industry and Cooperatives will work closely with Innovation Norway to promote data-driven innovation, support Norwegian technology companies, and facilitate workshops.
“Innovation Norway will introduce and support Norwegian technology companies, engage in marketing and workshop activities, and contribute financially to joint initiatives. This partnership will also prioritize capacity building, training, and skill development for cooperative society members, entrepreneurs, and small-scale enterprises, recognizing that every dollar invested in capacity building generates a return of $4 in economic growth.”
The premier added that to ensure the success of this partnership, Uganda will work closely with all stakeholders and she urged cooperative societies, entrepreneurs, and small-scale enterprises to seize this opportunity to grow and develop.
“The Ugandan government reassures its commitment to strengthening our ties and cooperation, deepening the partnership for mutual benefit. The Uganda Government presents its compliments to the Government of Norway and has the honor to reaffirm its commitment to the strong bilateral relations between our nations.”
Espen Kvelland, the Wakandi Group Chief Executive Officer, Norwegian company, thanked the investors that always keep believing in what they do, which has made their success possible.
He said much as Wakandi is owned by Norwegians, the company is fully operated by local staff.
“I could not be more proud of what we have achieved together. We have kept on engaging with many organisations and their continued guidance is of the essence to us to succeed,”he said.
He thanked the Bank of Uganda for the licensing process, banking partners, mobile money partners, insurance partners, and Innovation Norway for their unwavering support.
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