In a significant move toward fostering economic growth and regional trade integration, the government of Uganda and the African Continental Free Trade Area (AfCFTA) convened a joint meeting to explore Uganda’s investment opportunities.
The AfCFTA technical team is currently in Uganda, following up on resolutions made during a previous meeting in Accra, Ghana, in July of last year.
The discussions focused on Uganda’s commitment to harnessing investment opportunities and mobilising financing to transform them into meaningful economic outcomes.
The Uganda Development Corporation (UDC), re-established in 2016 as the government’s investment arm, was highlighted as a key avenue for identifying, nurturing, and executing strategic investment projects.
The UDC plays a critical role in promoting industrial and economic development, particularly in sectors where the private sector faces challenges due to high capital requirements or investment risks.
Over the course of the two-day engagement, several resolutions were adopted to accelerate Uganda’s economic potential under the AfCFTA framework, including a review of the Accra meeting’s recommendations, with the teams reaffirming their commitment to implementing key resolutions from the Uganda-AfCFTA meeting held in Accra.
The Uganda Development Corporation presented 10 investment projects, focusing on their viability and potential economic impact. Plans were advanced to set up an AfCFTA implementation unit in Uganda to facilitate seamless trade and investment initiatives under the agreement.
Additionally, plans to organize an Investment Forum were discussed, laying the groundwork for a high-level investment forum to be held in Kampala, bringing together stakeholders from various sectors to explore investment opportunities.
Speaking at the meeting, Senior AfCFTA Advisor Gilbert Antonio emphasised the importance of supporting Uganda in leveraging AfCFTA’s framework to attract investment and drive industrialisation. Uganda’s Minister of Trade, Industry, and Cooperatives, Mwebesa Francis, reaffirmed the government’s commitment to facilitating business growth and ensuring Uganda fully benefits from the continental trade agreement.
As Uganda continues to position itself as a key player in regional trade and investment, its collaboration with AfCFTA is expected to unlock new economic opportunities, enhance industrialisation, and drive sustainable development across various sectors.
