Left to right: State Minister for trade Harriet Ntabazi, Private Sector Foundation Uganda vice chairperson Sarah Kagingo with the Vice President Jessica Alupo with Uganda’s High Commissioner to the UK Nimisha Madhvani, at Kampala Serena hotel during the Non-Aligned Movement (NAM) Business Summit. The president lured NAM investors to come to Uganda. PHOTO/ ABUBAKER LUBOWA
|NAM Summit: Form special purpose vehicles for trade
What you need to know:
One of the biggest outcomes from this conference would be to create a special purpose vehicle in form of a Business Council.
Calls to establish Non-Aligned Movement (NAM) business council to coordinate trade, investment and ease of access to concessional financing among other benefits are gaining momentum as Ugandan officials continue to make a case for it.
Even President Museveni’s Speech, delivered by Vice President Jessica Alupo at the East Africa investment forum and trade exhibition yesterday appeared to reference the importance of such a platform for NAM membership consisting of 120 countries — 53 from Africa, 39 from Asia, 26 from Latin America and the Caribbean, and two from Europe. It also includes the non-UN member state of Palestine, 17 other observer countries and 10 observer organisations.
Speaking in an interview on the sideline of the East Africa Investment Forum, and Trade Exhibition – one of the flagship events running alongside the week-long NAM and G77 Summit, in Kampala, the chief executive officer of Private Sector Foundation Uganda (PSFU), Mr Stephen Asiimwe reveals, “moves are underway to have this proposal declared as one of the outcome of the NAM meeting in Kampala.
Special purpose vehicle
“One of the biggest outcome from this conference would be to create a special purpose vehicle in the shape and form of a Business Council or something close to that premised on the principle of doing business with each other, opening markets, enabling technology transfer and doing joint ventures among many other developmental things,” Mr Asiimwe told Daily Monitor.
He continued: “However, that will be the prerogative of the Summit to decide.”
In another interview at the sideline of the East Africa Investment Forum and Trade Exhibition, the chairman of Uganda Investment Authority, Mr Morrison Rwakakamba, board chairperson, describes the proposal for the special purpose vehicle to promote trade and investment as “imperative.”
He said: “NAM is about securing interest of developing countries. It has now reached of age to independently ensure prosperity and development of its abilities. This means members have the abilities to make deals and do business, commerce, investment and trade between and amongst themselves.
He continued: “So it is imperative that discussions around a special purpose vehicle bringing NAM members together to mobilise investment, capital, engage in trade, lower interest rate and even create multi-sovereign fund for investors to access concessional funds to stimulate their economy and create jobs becomes a reality.”
Earlier, the Minister of state for trade, Ms Harriet Ntabazi, also made the case for special purpose vehicle, saying it will promote investment among NAM member countries.
This forum, held in Kampala, looks at shifting the spotlight to East Africa and the continent in terms of showcasing the region immense business and investment opportunities to NAM and G77 member states.
The consensus appears to rotate around NAM, uniting with the Group of 77 (G77) has the potential to create a conducive environment for South-South co-operation.
“The 19th NAM Summit and the 3rd South Summit is a perfect platform to channel the spirit of cooperation among nations,” says Ms Alupo.
