The Speaker of Parliament, Rebecca Kadaga has expressed concern that most Sub-Saharan African economies have been left out of the progress of financial growth putting them on a parallel growth pattern compared to countries in the Middle East.
Kadaga made the remarks at the 8th Annual Investment Meeting (AIM) in Dubai, which is bringing together countries engaged in trade with the United Arab Emirates with a major focus on foreign direct investments (FDIs).
“What are your plans for Sub-Saharan Africa? You are talking about Egypt, yet your airlines receive huge ticket inflows from Africans traveling to the UAE for business,” Kadaga noted in her submission before delegates.
The meeting that began on April 9 was officially opened by the Minister for Economy of the United Arab Emirates, H.E. Sultan Bin Saeed Al Mansoori who noted that for cross investments to be possible, regional economic and investment data would have to be considered.
“Development efforts, policies of economic diversification and enhancement of productive capacities adopted by a number of countries have led to improved Gross Domestic Product (GDP) rates,” Al Mansoori noted.
He added that it was critical to address some of the major foreign direct investment issues facing both developed and developing countries so as to strengthen investment directed towards global economic growth.
On the sidelines of the meeting, Speaker Kadaga engaged in discussions on the use of technology to grow the economy, stressing the need to retool judges, lawyers and lawmakers to appreciate the need to expedite laws on technology.
“Technology is moving very fast and the laws to accompany the changes must be done quickly. We are in talks with the investors to see how they can help us in this regard,” said Kadaga.
Kadaga also met Ugandan entrepreneurs living in Dubai and urged them to promote industrial growth back home.
The meeting also dwelt on investment opportunities for the Ugandan diaspora and how government can offer support.
The three-day 2018 Annual Investment Forum has attracted delegates from countries from Africa, Asia, Europe and the USA under the theme, Partnership for Inclusive Growth and Sustainable Development.