President Museveni has pledged to offer total support to the soon-to-be launched Uganda-Europe Business Platform.
Museveni whose speech was read by the Prime Minister Dr Rwahakana Rugunda revealed his support during the first-ever Uganda-Europe Business Forum on Monday at Speke Resort, Munyonyo.
He added that if Uganda starts carrying out business with European member states, it will be a great foundation for opportunities that will boost the economy and create more employment.
“The Government of Uganda in partnership with development partners including the European Union and its Member States has made significant strides in laying a firm foundation for investments, industrialisation and international trade. By participating in this Forum, therefore, you are availing yourselves an opportunity to network and share ideas with each other with a view to harnessing the opportunities created by the firm foundation,” he said.
He added that if the platform is launched it will bring together players from the Government of Uganda, the European Union and the Ugandan Private Sector are to regularly discuss the aspects related to further improving the investment and trade/business climate.
“I’m informed that during the course of this Forum, the Sustainable Business for Uganda Platform will be launched. And I want to assure you of complete Government support to this platform, through our high-level representation to the Board of the Platform by the Ministers responsible for Trade and Finance. We will work together to ensure that the Platform meaningfully plays the role for which it has been,” he said.
According to Museveni, Uganda has so far put up parameters that will support this business platform to work out. Such parameters include improved roads, Hydro-Electric Power generation which has increased approximately to 1,200MW and the Standard Gauge railway which is construction.
However, the Ambassador of the European Union to Uganda His Excellency Attilio Pacifici said that for the platform to work out well Uganda’s domestic companies have to work out on the three challenges.
“ The first one regards skills and attitude. Insufficient supply of skilled labour with appropriate competencies, work ethics and attitude constitutes a major challenge for private companies in Uganda and through this engagement, we shall find out ways of filling this gap,” he said.
The other challenge is access to finances, with H.E Pacifici saying the high cost of capital in Uganda, along with lengthy and complex procedures when applying for a loan in commercial banks has also made access to finance challenging for the private sector and this needs to be worked out.
“The third challenge is the economic governance and corruption. Despite several anti-corruption initiatives launched by Government, according to various reports, corruption remains common in Uganda. It is a major obstacle for better investment climate and sustainable private sector growth,” he said.
The two-day high-level networking event will bring together over 500 Ugandan and European business leaders, investors and public policymakers, with the objective of forming partnerships and striking deals around innovation and untapped “Green” opportunities.
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