The Private Sector Foundation Uganda (PSFU), Uganda’s apex body for the private sector, has announced its plans to host a groundbreaking East African Business and Investment Forum alongside the 19th Non-Aligned Movement (NAM) and 3rd South Summit, scheduled for January 15-23, 2024, at Kampala Serena Hotel.
“This is a pivotal moment for Uganda and the entire Global South,” declared Ms Sarah Kagingo, Vice Chairperson of PSFU, while addressing journalists at Kampala Serena Hotel on Thursday morning.
“These Summits bring together 120 NAM member states and the largest coalition of developing nations, the G77, offering an unparalleled platform to foster South-South cooperation and unlock immense economic potential.”
The PSFU-led Business and Investment Forum, aptly themed “Deeper Cooperation in Trade, Tourism, and Investment for Shared Global Affluence,” will run from January 15-18, 2024, at the Kampala Serena Hotel.
The Forum aims to: ignite trade opportunities: showcase and facilitate trade exchanges in goods and services, unlock the potential of the African Continental Free Trade Area (AfCFTA) within NAM and G77 markets, and attract investment: highlight priority sectors like tourism, agriculture, manufacturing, and infrastructure, attracting investments worth USD 100 million in key areas.
According to Ms Kagingo, the forum will also promote joint ventures by creating a platform for businesses to forge partnerships and collaborate on projects, fostering technology transfer and knowledge sharing.
“The forum will be a big opportunity to position Uganda to access markets, forge business-to-business engagements and showcase Uganda’s investment opportunities. The backward linkages will be profitable to Ugandans,” she noted.
She said the forum will further strengthen the business environment by advocating for private sector-driven solutions to improve the business climate across NAM and G77 countries, culminating in a private sector memorandum for Heads of State consideration.
The forum will also establish a permanent G77 & NAM private sector body to facilitate the ongoing collaboration and advocacy beyond the Summits.
Ms. Kagingo emphasized the Forum’s unique value proposition: “This is not just a conference; it’s a catalyst for transformative change. We’re connecting businesses, investors, and policymakers to forge concrete deals, partnerships, and investment commitments that will drive economic growth and sustainable development across the Global South.”
She invited all businesses, investors, and policymakers from NAM and G77 countries to participate in this historic event.
In his remarks, the Ag. Director of International and Regional Economic Cooperation, Ambassador Elly Kamahungye, said that by fostering deeper cooperation in trade, tourism, and investment, we not only create jobs and stimulate economic growth but also build a more equitable and sustainable economy.
He said the forum will feature a dynamic blend of high-level keynote addresses, panel discussions, business-to-business meetings, and a vibrant trade exhibition showcasing the diverse capabilities of NAM and G77 member states.
According to Amb Kamahungye, the forum has two components: the business exhibition and the investment summit which will attract investment agencies across the region.
“Ugandan businesses will showcase their products to attract investment for value addition and seek opportunities to get into the global market,” stated Amb Kamahungye.
“Our target audience is the chambers of commerce in Asia; the Middle East, India and China. In Africa, we are targeting Algeria which has a bigger chamber of commerce, Egypt and South Africa.”
The final day will be dedicated to East African Partner States, offering them a platform to present their investment potential to a global audience.
“This is historic because no country has ever hosted these two events at the same time,” he noted, adding: “The government of Uganda will leverage these two events to deliver some results to the public.”
