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President Yoweri Museveni has urged the Ugandan business community and investors in the East African Community (EAC) to seize the opportunity of the 19th summit of the Non-Aligned Movement (NAM) and collaborate with their colleagues outside the region. 

He said this will enable them to optimize value addition, expand partnerships that enhance technology, skills transfer, financing, promote standards and further deepen access to the global market.

The three-day forum, which started on Monday, is running concurrently with the NAM Summit under the theme: “Unlocking East Africa's potential on the global stage.” (Photo by Eddie Ssejjob)

Museveni's message was read by Vice President Jessica Alupo at the official opening of the East African Trade and Investment Forum at Kampala Serena Hotel on Tuesday. 

The three-day forum, which started on Monday, is running concurrently with the NAM Summit under the theme: “Unlocking East Africa's potential on the global stage.”

“Our philosophy is to provide a One Stop Centre to investors across all Government services, ease the business environment and reduce the cost of doing,” he said. 

He stated that the summit demonstrates Uganda's commitment to private sector development and a renewed focus to increase the promotion of Uganda’s abundant investment potential.

The East African Trade and Investment Forum, which started on Monday, is running concurrently with the NAM Summit under the theme: “Unlocking East Africa's potential on the global stage.” (Photo by Eddie Ssejjoba)

“Additionally, it strengthens the partnership between the Uganda Business community and foreign investors,” Museveni said. 

He, therefore, said the forum will be a platform for increased business engagements and a dialogue to enhance private sector investments and businesses in EAC. 

“It will also be instrumental in enhancing regional development, trade, diversifying exports and integrating African economies with the global economies,” he said, adding that it their pledge, that the Government of Uganda through its agencies will honour their commitments made at the forum and will continue to support its deliberations.

The East African Trade and Investment Forum, which started on Monday, is running concurrently with the NAM Summit under the theme: “Unlocking East Africa's potential on the global stage.” (Photo by Eddie Ssejjoba)

“I would like to inform you that Uganda is a well-endowed country. I urge you to create time and come and enjoy a wide range of excellent, unique and unmatched beautiful natural features Uganda offers in terms of birds, animals and many other things,” Museveni said. 

Targets sh3.7 trillion deals 

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.

The sectors include energy, ICT, commercial agriculture, trade, infrastructure, mining, industrialisation, tourism, and oil and gas.

The East African Trade and Investment Forum, which started on Monday, is running concurrently with the NAM Summit under the theme: “Unlocking East Africa's potential on the global stage.” (Photo by Eddie Ssejjoba)

The forum brings together big investors from EAC and beyond to showcase and explore the investment opportunities in Uganda and other EAC member states, according to the government.   

Vincent Bagiire, the permanent secretary of foreign affairs ministry, told the media last Friday (January 12) that over 100 investors jetted in from the NAM member states.  

“The over 100 investors are willing to invest in this country and a team led by the ministries of trade and finance are going to present bankable projects,” he said.