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Vice President Jessica Alupo has called for continued cooperation among members of the Non-Allied Movement (NAM) meeting in Kampala if barriers that impede progress among member countries are to be realised.

According to Alupo, barriers exist in both regional and international trade, technology transfer, the establishment of appropriate infrastructure for industrialisation, and employment creation among others. 

While addressing the ministerial summit at the ongoing NAM Summit on Wednesday, January 17, Alupo said that all the above can be addressed if member states cooperate. 

“We believe that deepening cooperation is the best mutually benefiting way to create global wealth and affluence, that can trickle down to all parts of the world, and in return, enhance the capacities of all economies to increase global demand, create jobs and create markets among all nations,” said Alupo. 

She added that on the social and economic front, member countries still face structural bottlenecks and weaknesses. Infrastructure to support industrialization and trade, such as energy, road and rail is still a challenge. 

Human capacity to effectively manage the extractive industry is still inadequate, or lacking. Financial resources for quality investment in strategic sectors of the economy, including industrialization and value addition, are still insufficient. 

The knowledge and use of ICT platforms for business and individual use is still limited. In addition, there is limited investment, low industrialization, inadequate production of finished goods or value addition, and limited inter and intra-regional trade between and among NAM member states. 

Alupo added that a combination of these bottlenecks, together with other challenges, such as the financial and economic crises, climate change, recurrent food crises, energy prices volatility, and pandemics, more often than not render our efforts towards socio-economic transformation futile. 

“As we deliberate during this Summit, we should reaffirm our commitment to maintain cohesion and unity among ourselves, on all issues of common interest, and to promote our common positions within relevant multilateral forums,” Alupo noted. 

Is Uganda ready for investors? 

According to Alupo, Uganda’s US$50bn economy enjoys market linkages within the US$305 billion East African Community (EAC) economy – the fastest growing and most diversified economic bloc on the African continent. 

Its central location provides access to the regional markets of the EAC and has a population of over 300 million with a combined GDP of US$305 billion. Such a market offers a large market for exports within the region, and a growing middle class. 

Uganda is also part of the Common Market of East and Southern Africa (COMESA), and the Africa Continental Free Trade Area (AfCFTA) with over 55 Member States. 

The AFCTA alone has created a market of 1.4 billion consumers, making it an ideal partner for trade and investment. 

Uganda has also maintained a relatively stable and robust economic growth rate over the years at an average of 6.2% in the past 37 years.  

The country’s GDP per capita is now at US$1,100 and is fast rising and thus promising a sustainable market for local production of fast- moving consumer goods and services, making the country highly rewarding for FDI among others. 

The summit that kicked off on Monday, January 15, has so far discussed various issues such as trade, investment, conflict resolution in Israel, among others.