The Private Sector Foundation Uganda (PSFU), Uganda’s apex body for the private sector, has announced it will host a groundbreaking East African Business and Investment Forum during the forthcoming Non-Aligned Movement (NAM) and Group of 77 (G77) + China Summits in January next year.
“This is a pivotal moment for Uganda and the entire Global South. These summits bring together 120 NAM member states and the largest coalition of developing nations, the G77, offering an unparalleled platform to foster South-South cooperation and unlock immense economic potential,” the PSFU vice chairperson, Sarah Kagingo said.
She said the forum will help ignite trade opportunities by showcasing and facilitate trade exchanges in goods and services, unlocking the potential of the African Continental Free Trade Area (AfCFTA) within NAM and G77 markets.
“The forum will highlight priority sectors like tourism, agriculture, manufacturing, and infrastructure, attracting investments worth USD 100 million in key areas and create a platform for businesses to forge partnerships and collaborate on projects, fostering technology transfer and knowledge sharing,”Kagingo noted.
She added that the forum will strengthen the business environment by advocating for private sector-driven solutions to improve the business climate across NAM and G77 countries, culminating in a private sector memorandum for Heads of State consideration.
“This is the future that the forum promises, one of shared global affluence, characterized by deeper cooperation in trade, tourism and investment. This is an opportunity for us to position Uganda as a big destination for meetings, incentives, conferences and events. This is a big opportunity to access markets, partner with others, share technology , foster business to business engagement and showcase Uganda’s business and investment opportunities.”
“”This is not just a conference; it’s a catalyst for transformative change. We’re connecting businesses, investors, and policymakers to forge concrete deals, partnerships, and investment commitments that will drive economic growth and sustainable development across the Global South.”
The acting director for International and Regional Economic Cooperation at the Ministry of Foreign Affairs, Amb. Elly Kamahungye said that by fostering deeper cooperation in trade, tourism, and investment, we do not only create jobs and stimulate economic growth, but also build a more equitable and sustainable economy.
“Trade statistics show that the Global South is the main destination of the products from developing countries like Uganda. This is why we need to leverage on these two forums to target that market which is critical for us,” Amb. Kamahungye noted.
“When you look at the sources of investment in the last five years, the Global South has been presenting the main source of investments to developing countries. Therefore, the Global South is very critical for Uganda to present herself as a global investment area.”
