The United Nations Improvement Programme (UNDP) co-hosted the East African Funding Discussion board and Commerce Exhibition, on the Kampala Serena Conference Centre alongside the Authorities of Uganda and Personal Sector Basis Uganda (PSFU). This facet occasion of the NAM and G77+China Summits centered on “Deeper Cooperation in Commerce, Tourism, and Funding for Shared International Prosperity.”
The Discussion board’s theme resonated strongly contemplating international and regional challenges just like the COVID-19 pandemic, geopolitical tensions, and a posh planetary disaster. These points demand collective motion from public sector, non-public sector, regional and worldwide companions.
The Discussion board offered a strategic platform for dialogue and collaboration to deal with the above challenges and unlock alternatives for East Africa. The area’s ample youth inhabitants and pure sources maintain immense potential for accelerated socio-economic transformation and inclusive growth.
Ms. Elsie Attafuah with traders in the course of the Discussion board. UNDP Uganda/Joel Akena
This Discussion board proved significantly well timed as Africa strengthens its place in regional and international markets, leveraging alternatives just like the African Continental Free Commerce Settlement (AfCFTA) and new applied sciences. On the opening of the Discussion board the President of the Republic of Uganda H.E. Yoweri Kaguta Museveni, represented by the Vice President H.E. Jessicca Alupo urged the enterprise neighborhood in Uganda and traders in East Africa to reap the benefits of the nineteenth Non-Allied Motion (NAM) convention and work with stakeholders exterior the area.
H.E Jessica Alupo, Vice President of the Republic of Uganda. UNDP Uganda/Joel Akena
Based on the Vice President, this permits to additional broaden entry to international markets, finance the promotion of requirements, develop collaborations that enhance technology-skill switch, and optimize worth addition. “The summit reveals Uganda’s dedication to the expansion of the non-public sector and a renewed emphasis on selling Uganda’s ample funding potential. It additionally improves the connection between international traders and the Ugandan enterprise neighborhood,” added the Vice President.
Hon. Matia Kasaija (center left) and companions in the course of the Discussion board. UNDP Uganda/Joel Akena
On his half, the Ugandan Finance Minister, Hon. Matia Kasaija remained optimistic about Uganda’s financial future regardless of international challenges, stating on the Discussion board that the economic system “has grown steadily & projected to develop at 6.4% subsequent monetary yr if situations stay beneficial.” He credit authorities reforms for bettering the funding local weather and decreasing the price of doing enterprise, making Uganda “a lovely funding vacation spot.”
Investing in Uganda
Based on Hon. Evelyn Anite, State Minister for Funding and Privatization, the US $50 billion economic system of Uganda advantages from market connections inside the US $305 billion East African Neighborhood (EAC) economic system, which is the quickest rising and most numerous financial bloc on the African continent.
Hon. Evelyn Anite, the State Minister for Funding and Privatization. UNDP Uganda/Joel Akena
“As a consequence of its strategic location, Uganda has easy accessibility to the Frequent Market of East and Southern Africa (COMESA), the AfCFTA, which has greater than 55 member states, and the regional markets of the East African Neighborhood (EAC). The 1.4 billion prospects that the African Continental Free Commerce Space produced made it the proper buying and selling and funding associate,” Hon. Evelyn Anite talked about. She stated the AfCFTA will improve funding in Africa and broaden commerce amongst Africans by nearly 33 %.
East Africa’s Tourism potential for Inexperienced Progress
Former UNDP Resident Consultant Ms. Elsie Attafuah added that “East Africa and Uganda is blessed with wild magnificence, from majestic wildlife to breathtaking landscapes, the area presents an unparalleled tourism expertise.”
Ms. Elsie Attafuah, former UNDP Resident Consultant. UNDP Uganda/Joel Akena
Based on her, Uganda, nicknamed the “Pearl of Africa”, exemplifies this magnificence. Boasting stunning surroundings, numerous wildlife like mountain gorillas, and a wealthy vary of cultures, it is no marvel tourism contributes a considerable 10 % to the nation’s Gross Home Product (GDP). Nonetheless, the current COVID-19 pandemic severely impacted tourism throughout the area. Fortunately, a powerful rebound is underway, with a full pre-pandemic restoration anticipated in 2024.
“That is the time to embrace inexperienced options,” Ms. Elsie Attafuah emphasised. “Tourism’s vulnerability to local weather change calls for funding in sustainable practices.”
Sylvia Mulinge, MTN Uganda CEO, Dr. Thangavel Palani, UNDP Senior Financial Advisor, and Mr. Stephen Asiimwe, Personal Sector Basis CEO have been panelists on the Discussion board. UNDP Uganda/Joel Akena
Ms. Elsie Attafuah talked about the alternatives abound for inexperienced progress, decarbonization applied sciences, and climate-resilient infrastructure. She stated that by embracing a greener future, East Africa can solidify its place as a number one tourism vacation spot in Africa.
H.E Mohamed Bin Ahmed Twar Al Kuwari, First Vice-Chairman, Qatar Chamber of Commerce. UNDP Uganda/Joel Akena
“Qatar is keen to discover funding alternatives in Uganda, and we dedicated to establishing shut and robust ties for a vibrant future,” added H.E Mohamed Bin Ahmed Twar Al Kuwari.
The East Africa Funding Discussion board and Commerce Exhibition, held alongside the NAM and G77+China Summits, offered a worthwhile platform for connection, data sharing, and partnership constructing. The insights given have been instrumental in turning ambition into motion for a extra affluent Africa.
UNDP group on the East Africa Commerce and Funding Discussion board. UNDP Uganda/Joel Akena
This discussion board served as a constructive step towards realizing the AfCFTA’s potential, a aim that calls for collaboration and solidarity throughout the continent, and a testomony to the Authorities of Uganda’s management in championing East African commerce, investmen, and tourism.
By strengthening the readiness of Africa’s merchants and traders, the Discussion board paved the best way for maximizing alternatives inside the AfCFTA. In the end, these efforts will speed up progress towards attaining the Sustainable Improvement Objectives (SDGs) and the African Union’s Agenda 2063.
