Entebbe, (UG):- President Yoweri Museveni Tuesday met and held discussions with a delegation of 17 French investors at State House Entebbe.
The delegation, under MEDEF International and led by Ms. Celine Gouveia, president of the France-East Africa Business Council, represents the largest foreign investor group in Uganda, with French companies contributing an impressive 53% of the country’s foreign investment as of 2023.
During the meeting, the President emphasised his commitment to strengthen Uganda’s economic partnership with France. He highlighted Uganda’s vast investment potential, emphasising the country’s rich raw materials and its pressing need for infrastructure to connect producers and consumers.
“We need infrastructure because it links the buyer to the consumer,” President Museveni said, noting that Uganda’s past leaders did not fully understand the value of a strong private sector.
The President credited the National Resistance Movement (NRM) government’s pro-business approach for the significant growth of Uganda’s private sector which now plays a crucial role in the nation’s economy.
Reflecting on the importance of regional integration, Mr Museveni also acknowledged that initiatives like the East African Community and the African Continental Free Trade Area are expanding Uganda’s market access, making it easier for local manufacturers to sell products across the continent.
He urged the investors to consider affordable power generation, encouraging electricity production costs below 5 cents per kilowatt-hour, which he sees as essential for industrial growth.
The President also emphasised the importance of irrigation for stabilising agriculture, calling on companies interested in developing irrigation projects to contribute to Uganda’s agricultural resilience.
In her remarks, Ms Gouveia expressed the commitment of French businesses to Uganda’s sustainable future, citing the involvement of 40 French companies across diverse sectors. “This presence represents a strong vote of confidence in Uganda’s economic landscape,” She said.
Ms. Gouveia noted that France’s investment extends beyond energy and oil; encompassing sectors where French companies contribute specialised skills, technology, and employment opportunities, all with a focus on sustainable growth and community benefit.
Ms. Gouveia further highlighted the support of French public institutions like the French Development Agency and the BDI public investment fund, which are backing private-sector initiatives to foster long-term projects in Uganda. “These organisations are dedicated to addressing global challenges, including climate change, while promoting social and economic progress,” she said.
MEDEF International, which leads this business delegation, is recognized as a driving force behind France’s efforts to establish a robust, sustainable business model in Uganda. The company’s initiatives align with France’s vision of a resilient Uganda, with the potential to unlock more employment and innovation opportunities for Ugandans.
In attendance were H.E. Doreen Ruth Amule, Uganda’s Ambassador to France, H.E. Xavier Sticker, French Ambassador to Uganda, and Uganda’s Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija.
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