Uganda-UAE business summit to target more foreign direct investments in ICT, tourism

Kampala, Uganda | THE INDEPENDENT | The government has said the second edition of the business forum between Uganda and the United Arab Emirates aims to attract more Foreign Direct Investments – FDIs to promote agro-industry, tourism, and technology transfers.

The forthcoming business forum will take place at the Commonwealth Resort Speke Munyonyo in Kampala between 10 – 13 October 2023 under the theme: “Uganda the gateway of the UAE to the East Africa Community region.”

Evelyn Anite, the State Minister of Finance for Investment and Privatization told URN that the four-day event will provide a business meeting platform for key trade and investment policymakers, business leaders, and trade support institutions from the two countries to network and explore investment opportunities.

Anite explained that during the forum in which at least 200 high-profile investors are expected to attend, the government through the Uganda Investment Authority will market investment opportunities in commercial agriculture and agro-industry, tourism, information communication and technology, and manufacturing among others.

The Minister pointed out that Uganda as a developing nation will also look forward to attracting Foreign Direct Investments out of potential companies from the UAE through the business summit to spur the country’s economic growth.

The Ambassador of Uganda to the United Arab Emirates, Zaake Kibedi said that the forum will be characterized by trade exhibitions and, the development of sustainable business relationships as well as the promotion of Ugandan products for export in the UAE and the Middle East

Ambassador Kibedi also underscored the significance of the 2020 Forum with the aim of maintaining the momentum that was achieved as a result of Uganda’s participation at the Dubai World Expo 2020. It will also build on the success of the inaugural 2022 Business Forum held in four emirates of Abu Dhabi, Dubai, Sharjah, and Ras Al Khaimah.

According to the Uganda Investment Authority, following the Dubai World Expo 2020, the country has been able to attract several FDI companies which include Modern Tiles, Global Gas, Metro Cement, and General Petroleum among others.

Further, FDI from UAE to Uganda increased from US $300 million (1.118 trillion Shillings) in 2018 to approximately US $ 3 million (11.185 trillion Shillings) in 2023. Uganda exported goods and services worth US $562 million (2.095 trillion Shillings) in 2020 which increased to US $ 1 billion (3.728 trillion Shillings) in 2021.

Equally, the country imported goods and services worth US$ 495 million (1.845 trillion Shillings) in 2020 which increased to US$ 810 million (3.019 trillion Shillings) in 2021.

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