The third edition of the Uganda and European Union business forum has opened at Speke Resort Munyonyo.
Speaking during the opening ceremony, the EU Ambassador to Uganda, Jan Sadek hailed the impressive trade figures between Uganda and the EU in terms of trade and investment.
“ The EU’s share of Foreign Direct Investments in Uganda was in 2022 more than 40 percent of the total or 1.2 billion Euro. On the trade side, and I’m delighted to affirm that the European Union and Uganda have a very healthy trade turnover, currently of 1,5 billion Euro or shs6,2 trillion,”Sadek said.
“ I congratulate Uganda, because since 2022, Uganda have a positive trade balance with the EU. In 2022, Uganda exported EUR 800 million and imported EUR 700 million from the EU. This is very different from Ugandan trade with other global partners, where the import dominates. Trade is not a competition and it is not a zero-sum game, but I think Ugandan exports are worth an applause.”
He said that these statistics who doubling of Ugandan exports to Europe since 2020, noting that coffee is one of the largest exports to EU contributing, 65% of the entire country’s coffee exports.
“I see coffee as a delicious and beautiful link between Uganda and the EU. When the European coffee drinkers have their coffee in the morning, they create livelihoods for 3,5 million Ugandan families.”
He said that the European Union is open to doing business with Uganda as well as the EU market being open to Ugandan exports.
The Minister for Finance, Matia Kasaija said the business forum is yet another opportunity to ensure Uganda increases its exports to the EU.
He said the EU has been a major partner in fostering development and technical assistance for several projects in Uganda especially under infrastructure, forestry, agriculture, fishing and human capital development.
The summit will run until March 7 at the Speke Commonwealth Resort Munyonyo under the theme; “Boosting Trade and Investments”, and the sub-theme is “What can Uganda gain from Global Gateway?”
