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The Head of the European Union (EU) Delegation to Uganda, Jan Sadek, has hailed Uganda for maintaining a positive trade balance with the bloc of 27 member states.

He made the remarks at the official opening of the East African Trade and Investment Forum by President Yoweri Museveni at Kampala Serena Hotel on Tuesday, January 16.

Museveni was represented by vice president Jessica Alupo at a three-day forum, which is running concurrently with the 19th summit of the Non-Aligned Movement under the theme: “Unlocking East Africa's potential on the global stage.”

Sadek also said the EU remains committed to supporting Ugandan entrepreneurs in reaching what he described as a very lucrative EU market. 

He said the theme of this forum encapsulates their shared vision for a prosperous future. 

“I firmly believe that initiatives such as these are instrumental in mobilizing private investments and new business opportunities in Uganda,” he said.

The ambassador stated that the EU remains committed to supporting Ugandan entrepreneurs in reaching what he described as a very lucrative EU market.

Uganda’s total trade with the EU amounted to €1,272 million in 2021, according to the EU’s Generalised Scheme of Preferences (GSP).

It says with a share of 10.9%, the EU is Uganda’s third most important trading partner. “About 16.5% of Ugandan products go to the European market making it the second most important export destination,” GSP says on its website.

The EU countries are: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.

Over 100 investors from the NAM member states have already expressed their willingness to invest in Uganda and a team led by the ministries of trade and finance continues to present bankable projects at the forum.

The Ugandan government is banking on this forum to attract at least $1b (about sh3.7 trillion) worth of investments in various sectors of the economy.