LocationsUganda holds East Africa Investment Forum and Trade Exhibition
May 15, 2024
Delegates of the East Africa Investment Forum and Trade Exhibition.
The United Nations Development Programme (UNDP) co-hosted the East African Investment Forum and Trade Exhibition, at the Kampala Serena Convention Centre alongside the Government of Uganda and Private Sector Foundation Uganda (PSFU). This side event of the NAM and G77+China Summits focused on "Deeper Cooperation in Trade, Tourism, and Investment for Shared Global Prosperity."
The Forum's theme resonated strongly considering global and regional challenges like the COVID-19 pandemic, geopolitical tensions, and a complex planetary crisis. These issues demand collective action from public sector, private sector, regional and international partners.
The Forum provided a strategic platform for dialogue and collaboration to address the above challenges and unlock opportunities for East Africa. The region's abundant youth population and natural resources hold immense potential for accelerated socio-economic transformation and inclusive development.
Ms. Elsie Attafuah with investors during the Forum.
This Forum proved particularly timely as Africa strengthens its position in regional and global markets, leveraging opportunities like the African Continental Free Trade Agreement (AfCFTA) and new technologies. At the opening of the Forum the President of the Republic of Uganda H.E. Yoweri Kaguta Museveni, represented by the Vice President H.E. Jessicca Alupo urged the business community in Uganda and investors in East Africa to take advantage of the 19th Non-Allied Movement (NAM) conference and work with stakeholders outside the region.
H.E Jessica Alupo, Vice President of the Republic of Uganda.
According to the Vice President, this allows to further broaden access to global markets, finance the promotion of standards, grow collaborations that improve technology-skill transfer, and optimize value addition. “The summit shows Uganda’s dedication to the growth of the private sector and a renewed emphasis on promoting Uganda’s abundant investment potential. It also improves the relationship between foreign investors and the Ugandan business community,” added the Vice President.
Hon. Matia Kasaija (middle left) and partners during the Forum.
On his part, the Ugandan Finance Minister, Hon. Matia Kasaija remained optimistic about Uganda's economic future despite global challenges, stating at the Forum that the economy "has grown steadily & projected to grow at 6.4% next financial year if conditions remain favourable." He credits government reforms for improving the investment climate and reducing the cost of doing business, making Uganda "an attractive investment destination."
Investing in Uganda
According to Hon. Evelyn Anite, State Minister for Investment and Privatization, the US $50 billion economy of Uganda benefits from market connections within the US $305 billion East African Community (EAC) economy, which is the fastest growing and most diverse economic bloc on the African continent.
Hon. Evelyn Anite, the State Minister for Investment and Privatization.
“Due to its strategic location, Uganda has easy access to the Common Market of East and Southern Africa (COMESA), the AfCFTA, which has more than 55 member states, and the regional markets of the East African Community (EAC). The 1.4 billion customers that the African Continental Free Trade Area produced made it the perfect trading and investment partner,” Hon. Evelyn Anite mentioned. She said the AfCFTA will enhance investment in Africa and expand trade among Africans by almost 33 percent.
East Africa’s Tourism potential for Green Growth
Former UNDP Resident Representative Ms. Elsie Attafuah added that “East Africa and Uganda is blessed with wild beauty, from majestic wildlife to breathtaking landscapes, the region offers an unparalleled tourism experience."
Ms. Elsie Attafuah, former UNDP Resident Representative.
According to her, Uganda, nicknamed the "Pearl of Africa", exemplifies this beauty. Boasting beautiful scenery, diverse wildlife like mountain gorillas, and a rich range of cultures, it's no wonder tourism contributes a substantial 10 percent to the country’s Gross Domestic Product (GDP). However, the recent COVID-19 pandemic severely impacted tourism across the region. Thankfully, a strong rebound is underway, with a full pre-pandemic recovery expected in 2024.
"This is the time to embrace green solutions," Ms. Elsie Attafuah emphasized. "Tourism’s vulnerability to climate change demands investment in sustainable practices."
Sylvia Mulinge, MTN Uganda CEO, Dr. Thangavel Palani, UNDP Senior Economic Advisor, and Mr. Stephen Asiimwe, Private Sector Foundation CEO were panelists at the Forum.
Ms. Elsie Attafuah mentioned the opportunities abound for green growth, decarbonization technologies, and climate-resilient infrastructure. She said that by embracing a greener future, East Africa can solidify its position as a leading tourism destination in Africa.
H.E Mohamed Bin Ahmed Twar Al Kuwari, First Vice-Chairman, Qatar Chamber of Commerce.
“Qatar is eager to explore investment opportunities in Uganda, and we committed to establishing close and strong ties for a bright future,” added H.E Mohamed Bin Ahmed Twar Al Kuwari.
The East Africa Investment Forum and Trade Exhibition, held alongside the NAM and G77+China Summits, provided a valuable platform for connection, knowledge sharing, and partnership building. The insights given were instrumental in turning ambition into action for a more prosperous Africa.
UNDP team at the East Africa Trade and Investment Forum.
This forum served as a positive step toward realizing the AfCFTA's potential, a goal that demands collaboration and solidarity across the continent, and a testament to the Government of Uganda’s leadership in championing East African trade, investmen, and tourism.
By strengthening the readiness of Africa's traders and investors, the Forum paved the way for maximizing opportunities within the AfCFTA. Ultimately, these efforts will accelerate progress toward achieving the Sustainable Development Goals (SDGs) and the African Union's Agenda 2063.