The Private Sector Foundation Uganda(PSFU) has said that forthcoming Non-Aligned Movement (NAM) and Group of 77 (G77) + China Summits in January next year present opportunities for Ugandan businessmen and investors to tap into.
Uganda will also host the G77 + China conference from January 20 to 23, 2024, a day after hosting the NAM at Speke Resort Conference Hotel in Munyonyo.
Addressing journalists on Thursday, the PSFU vice chairperson, Sarah Kagingo said on the sidelines of the two summits, will be the East African business and investment forum as a pre-event set for January 15 to 18 at Kampala Serena Hotel.
“Uganda will be showcasing several business and investment opportunities and in a smart way. This is the time to position ourselves to investors of the world. Whereas we shall have some products exhibited physically, we shall also use technology to showcase others in a very smart way,” Kagingo said.
She said on January, 17, investment agencies of East Africa will use the forum to pitch whereas on January, 18, heads of state will grace the investment and business forum.
According to the PSFU vice chairperson, with government having invested huge sums of money in hosting the two summits, it is only prudent that the private sector takes advantage of the same to tap into the immense opportunities presented.
“It will make business sense for Ugandans to take advantage of this opportunity. Imagine a Uganda transformed into a buzzing hub just in a matter of time just because of the two summits, teaming with delegates, business leaders and international partners, public and private sector. Picture exhibition halls showcasing diverse products and services beaming with potential partnerships and business leaders sharing innovative ideas, forging joint ventures and opening new market. This is what we expect to happen.”
“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.”
Founded in 1961 at the height of the Cold War, the Non-Aligned Movement, has a membership of 120 countries — 53 from Africa, 39 from Asia, 26 from Latin America and the Caribbean, and two from Europe.
On the other side, the Group of 77 plus China is a coalition of 135 developing countries, designed to promote its members' collective economic interests and create an enhanced joint negotiating capacity in the United Nations.
According to Ministry of Foreign Affairs’ Amb. Elly Kamahungye, hosting the two summits is one of its kind for Uganda, noting that it presents immense opportunities that Uganda can’t miss out on.
“We should be able to leverage on hosting these two big events and deliver results for Ugandans. We want the Global South to realise that Uganda also has products it produces that investors from those countries might want to add value and improve on the quality. The showcasing will therefore be able to attract investments in many areas,” Amb.Kamahungye.
He said the investment forum will be addressed by all the East African investment agencies led by the Uganda Investment Authority.
“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.”
He added, “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.”
The Ministry of Foreign Affairs official said the target audience for the business and investment forum are chambers of commerce for Asian and Middle East countries which are strong, organized and institutionalized to send investors to Uganda.
He mentioned Qatar, UAE, Kuwait, India, Bahrain, China, Egypt, South Africa and Algeria among others.
“We are therefore counting on PSFU to get a match from the Ugandan side who will be targeting these investors for joint ventures and partnerships among others.”
