Govt targets Shs378b deals from NAM investment forum

The Uganda Investment Authority (UIA), the country’s statutory agency mandated to initiate and enhance investment,   has set an ambitious plan to sign deals worth $100 million (Shs3780b), with potential investors who will gather at East Africa Investment Forum & Trade Exhibition, which has been organised on the sidelines of the Non Aligned Movement (NAM) Conference next week.

This publication established that more than 650 local, regional and international companies and businesses from across the world have registered to participate.

The three-day forum will take place from January 15 to 17, at Serena Conference Centre, Kampala, under the theme “Deeper cooperation in trade, tourism and investment for shared global affluence.”

Opportunities

Here, businesses, companies and governments hope to seal trade and investment deals. The Forum will also showcase what Uganda and the region has to offer to the global market.

“The 19th NAM Summit and the 3rd South Summit is an excellent opportunity to bring trade, industry and investment, which is at the nexus of economic development to the core of the South-to-South cooperation. The promotion of intra NAM and G77 and China trade seizes opportunity for Africa to concurrently unlock the potential of AfCFTA,”Mr Morrison Rwakakamba, the UIA board chairperson, said.

NAM is an international organisation consisting of 120 countries, while the  G77 summit brings together developing countries with a focus on  cooperation to advance  economic interests and enhance its joint negotiating capacity on all major international platforms. Uganda is primed to host summits of the two blocs at Speke Resort Munyonyo in Kampala starting January 15.

Between 1,000 and 1,500 delegates are expected in the country and at least 100 countries had by Sunday confirmed representation at the two summits.

Mr Rwakakamba told this publication they will pitch initiatives in priority programmes, which include agro-industrialisation, tourism, manufacturing, industrial parks, energy, ICT, mining, oil and gas, among others. Other expected outcomes for the authority are to generate a list of investors interested in Uganda’s investment opportunities and sign at least three joint venture partnerships.

Mr Francis Kisirinya from the Private Sector Foundation of Uganda, and lead coordinator of the Forum on the wider National Organising Committee, explained that the Forum will be divided into three aspects; an exhibition of products and services produced, which will show what the country can do and give confidence to investors, business to business or business to government meetings to discuss how they can partner, and a conference focused on improving the business environment in the EAC region.

“Business people will meet, talk one-on-one, and create partnerships and opportunities for investments, markets for selling products from Uganda to all these NAM countries and G77, technology transfers. The aim is to enable investment funding, attract funding, generate opportunities for trade, and technology that can make our businesses better,” Mr Kisirinya said.

He added: “We hope we will in the end come out with deals signed to pitch bankable initiatives. It is a very important thing because these NAM countries are emerging markets and it will be easy for us to trade with them, and most of our trade is with these countries like China and India. We have a stronger trade relationship with these countries in the south.”

 Mr Kisirinya said businesses will benefit both directly and indirectly

“We expect thousands of guests. For people selling food, there will be additional people eating food. If the government hires a hotel, the hotel may come and buy from you, you may not know it is a result of NAM. They will buy souvenirs.  It is a task of each and every Ugandan to make us the best hosts so that they can come back for what we have to offer. This is our opportunity to market our country,” he said.

Background

Objectives of the Forum

•   To create opportunities in trade in both goods and services, tourism investment and technology transfer.

•   To promote investment opportunities in priority sectors of tourism; agri-value addition, mineral beneficiation; oil and gas; ICT; infrastructure development; real estate, trade, services, among others.

•   Identify joint venture partnerships opportunities for domestic investors for affordable financing, technology transfer and market opportunities in the priority programmes.

•   Agree and sign a framework of cooperation between Uganda Investment Authority and Chambers of Commerce and other equivalent bodies responsible for trade and investment through which investment letters (deals) can be originated, coordinated and signed.