France to increase investment in country

Wednesday December 18 2013



President Museveni’s call to attract investors to Uganda seems to be getting heard with France’s ambassador to Uganda declaring the same as top of her priorities during her time of diplomatic service.

Speaking to reporters at her residence in Kampala recently, Ms Sophie Makame said there is a noticeable interest shown by French economic actors in Uganda’s budding investment landscape.

“Sustaining the trend of France’s economic involvement in Uganda is key on my priorities, and France’s foreign policy objectives in Africa,” Ms Makame, who presented her credentials two months ago to President Museveni, said.

She added: “Increasing French economic presence in Uganda means encouraging French companies to move to Uganda. The country so far is attractive. In the last two years, we have moved from 10 to 28 French companies settled in Uganda. This is impressive and deserves being noticed.”

Companies with French roots like Total, Orange, Alcatel Lucent and Hima (Lafarge) are controlling a sizeable share of the market. According to Ms Makame, this trend augurs well for bilateral trade relations between Uganda and France. “At the moment bilateral trade is at a low level but we see a rise that is about 10 per cent in the last period. The volume of French investments in Uganda currently stands at 1b euros.” She said tourism and agriculture are potential investment hubs.