Museveni, French delegation discuss investment

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President Yoweri Kaguta Museveni has met and discussed with a delegation of 17 French investors at State House Entebbe.

The delegation, under MEDEF International, led by France-East Africa Business Council president Celine Gouveia, represents the largest foreign investor group in Uganda. As of 2023, French companies contributed an impressive 53% of the country’s foreign investment.

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.

The French investors during a meeting at State House Entebbe on Tuesday. Also in the photo are Finance Minister, Matia Kasaija and French Ambassador to Uganda. (PPU Photo)

“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.

He 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, President 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 five 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.

President Museveni chats with a delegation of French investors after a meeting at State House Entebbe on Tuesday, Oct. 29, 2024. (PPU photo)

Commitment to sustainability

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,” Gouveia said.

She 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.

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.

President Museveni chats with a delegation of French investors after a meeting at State House Entebbe on Tuesday. Also in the photo are Finance Minister, Matia Kasaija, and the French Ambassador to Uganda. (PPU Photo)

MEDEF International, which leads this business delegation, is recognised 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 Uganda’s Ambassador to France, Doreen Ruth Amule, French Ambassador to Uganda, Xavier Sticker and finance minister, Matia Kasaija.

This meeting highlights a deepening relationship between Uganda and France, built on mutual growth, sustainability, and a shared vision for the future.