Entrepreneurs have pitch for investments worth shs60 bilion( approximately €14 million) at the just concluded third Uganda- European Union business forum in Kampala.
The forum that concluded on Thursday,March 7 saw the launch of eight projects with a total financial envelope of over €200 million(shs850 billion) designed to support small business owners, young female entrepreneurs, agribusinesses as well as vital digital infrastructure projects in Uganda.
The EU funded projects are designed to boost Uganda’s economy and create new jobs, said Myriam Ferran, EU International Partnerships Deputy Director General.
“These projects bring innovative solutions using new financing instruments such as guarantees, blending, and a variety of business development services and financial products, such as concessional and zero interest loans or technical assistance grants. These projects illustrate the new era of our partnership with Uganda, with an increased focus on trade and investments, as opposed to traditional aid-and developing the Ugandan private sector,” she said.
During the high-level business forum organised under the theme “Boosting Trade and Investment. What can Uganda gain from the Global Gateway?” compelling pitches were delivered by 30 Ugandan companies to European investors for a total investment value of at least €14 million (shs60 billion).
The forum provided opportunity for 100 Structured Business-to-Business (B2B) meetings between
European investors and Ugandan entrepreneurs, across three days of meetings at the Speke
Commonwealth Resort Munyonyo in Uganda’s capital Kampala.
The third edition of the forum lived to its billing as the largest and most influential joint Uganda-EU
event on doing business and investing in the country, registering 3600 registrations, including 900
physical participants, 90 exhibitors and a large audience following online.
President Museveni who attended the forum as chief guest also met a select group of European investors, and discussed the challenges and opportunities of investing in Uganda.
A portal to support the private sector and Ugandan entrepreneurs deal with challenges related to
access to finance was launched on the final day of the forum.
“Over the past three days, we have witnessed captivating dialogues on the vast opportunities and pressing challenges within trade and investment between Uganda and the 27 EU member states. Our commitment to facilitating economic growth was underscored by the launch of several tangible initiatives aimed at providing direct funding to micro, small, and medium-scale enterprises in priority sectors of Uganda,” said EU Ambassador to Uganda Jan Sadek.
State Minister of Finance for Investment and Privatization, Evelyn Anite expressed her delight at the successful conclusion of the forum, and said Uganda remains a favourable investment destination.
“Uganda is the top number one investment destination in East Africa with return on investment of 13.8% in 2022. The country is blessed with a young hardworking and trainable population and is blessed with all the raw materials needed for industrial use,” she said.
The forum placed special attention to key economic sectors that offer significant opportunities for European investors to develop partnerships with entrepreneurs in Uganda including in agribusiness, sustainable mining, enabling infrastructure and sustainable tourism.
The EU is one of the leading development partners for Uganda, not only contributing to Uganda’s development objectives through official development assistance but also through private sector investments and through trade.
Representatives from various European nations, including France, Italy, Belgium, Ireland, the Netherlands, Sweden, Germany, Denmark, Portugal, Austria, the Czech Republic, Poland and others, attended the forum.
“Uganda has lots of trade advantages with Europe and we are happy to build and facilitate this engagement between the private sector from both Europe and Uganda. The forum was quite timely and presented a fantastic opportunity for big corporates, MSMEs, women and youth to meet and network with potential investors from all over the EU,” said PSFU chairman, Humphrey Nzeyi.
“While global challenges, including, geopolitical tensions, and inflationary pressures, pose uncertainties, Uganda remains committed to fostering economic cooperation and connectivity, particularly with the European Union (EU),” said Uganda Investment Authority chairperson, Morrison Rwakakamba.
“Our proactive approach involves implementing pro-business policies to attract investments and enhance regional trade. We believe substantial wealth creation lies in five core areas: commercial agriculture and agro-processing, mineral value addition, tourism, manufacturing, and enabling Infrastructure.”
