The Permanent Secretary to the Ministry of Finance Ramathan Ggoobi has tasked Ugandan ambassadors and heads of Foreign Missions to attract credible investors and secure markets for exports.
“We will support you, but your responsibility is to attract credible investors who will add value to our agricultural products and minerals. As you know, the President has prohibited the exportation of unprocessed minerals from Uganda,” Ggoobi said.
The permanent secretary was speaking during a four-day Joint Regional Economic and Commercial Diplomacy Retreat at Serena Hotel Kigo on Tuesday.
He said government is committed to support Uganda’s missions abroad in pursuing economic diplomacy but insisted all investors must be credible.
Ggoobi asked the ambassadors to leverage their diplomatic presence to drive economic growth and development, branding and marketing Uganda as a prime investment destination.
“Our diplomatic presence abroad must be leveraged to drive economic growth and development in our country through attracting sustainable Foreign Direct Investments (FDI).”
Ggoobi also urged Ugandan ambassadors to negotiate non-tariff barriers that hinder Ugandan goods to regional markets including the East African Community and the COMESA.
“We must negotiate Non-Tariff Barriers that hinder Ugandan goods from accessing regional markets, including the East African Community and COMESA,” Mr. Ggoobi urged Ugandan ambassadors, “Let us work together to open up these markets and boost our economic growth.”
He highlighted the government’s investment in strategic areas of the economy, citing the tourism sector’s impressive earnings of over $1.2 billion last year.
Ggoobi emphasized the need for Uganda to build capacity to attract sustainable FDI, following in the footsteps of successful developing countries.
“Although we are a resource-rich country, we face constraints in terms of capital and technological inefficiencies. Therefore, we must build capacity to attract Foreign Direct Investment (FDI) to create jobs for our people. As ambassadors, your role in our foreign missions is to facilitate this process and make it happen.”
The Minister of State for Foreign Affairs-in-charge of Regional Affairs, Mr John Mulimba, stressed that commercial diplomacy is crucial for Uganda to access markets outside the country, while a regulatory framework within the East African Community and African Continental Free Trade Area is necessary for mutual bilateral and multilateral relationships.
“So Uganda, through her missions abroad, and in this respect, now the ring states, will promote commercial interests of Uganda; promoting the marketing of Uganda’s products in those destinations, but also the attraction of foreign direct investments in our country,” Mr Mulimba said.
“If we deepen investment, we increase production and if we increase production, we need markets, but we must trade within a framework that’s regulated within the frameworks of EAC and African continental free trade area,” he said.
Uganda exports up to 80% of its produce, including agricultural products, to the surrounding Ring States. These countries include Kenya, Tanzania, Rwanda, and South Sudan, as well as Burundi, the Democratic Republic of Congo, and Somalia. This significant export volume highlights the importance of these regional markets for Uganda’s economy.
Mr. Vincent Bagiire, the Permanent Secretary at Ministry of Foreign Affairs said that the retreat is an opportunity to reflect on where Uganda has been and develop a resource mobilisation strategy.
“The Ministry of Foreign Affairs has organised a retreat for our ring states ambassadors, we invited them here in Kampala to see how we can increase presence in their mission countries. It is our duty to ensure that we access markets in those countries,” he explained.
He added that it is very critical to align Uganda’s plans at the time of aligning the National Development Plan (NDP IV).
“We are aware that the Government of Uganda, under the leadership of His Excellency the President, has successfully attracted investors who have established over 5,000 factories in the country. While these factories produce goods for local consumption, they also generate surplus products. As the custodians of Uganda’s interests in the region, it is our responsibility to identify and secure markets for these surplus products, thereby contributing to the growth and development of our economy,” said Mr. Bagiire.
The retreat is centered around the theme “Enhanced Economic Growth and Development through Promotion of Economic and Commercial Diplomacy.”
The main objective is to increase Uganda’s exports to regional countries through improved market access and increased Foreign Direct Investment.
Additionally, the retreat aims to address tariff and non-tariff barriers to trade that hinder Uganda’s products in regional markets, and to harmonize the conduct of joint permanent commissions, joint ministerial commissions, and business forums.
By achieving these objectives, the retreat aims to develop a draft framework for economic and commercial diplomacy that will promote economic growth and development in Uganda.