Home Business Commonwealth Boss Lauds Uganda for Increasing Trade and Investment Among Member States   

Commonwealth Boss Lauds Uganda for Increasing Trade and Investment Among Member States   

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Lord Jonathan Peter Marland, the Chairman of the Commonwealth Enterprise and Investment Council, has hailed the government of Uganda’s effort to support trade and investment within Commonwealth Member States.

Lord Maryland said Uganda has made strides, through collaboration with private sector associations such as the Uganda National Chamber of Commerce (UNCCI) and the Private Sector Foundation (PSFU).

Speaking during a dinner hosted by UNCCI to honor his visit to Uganda, Lord Marland said CWEIC was impressed by the seriousness with which the government had accorded to the promotion and marketing of Uganda as an investment destination and also as a source of quality good and services.  

   

Ms Kigongo interacting with the Minister at the Dinner

“The Commonwealth Nations, with about 2.4 billion citizens spread across 52 countries that are bound by a common language, shared history, and a combined economic value of USD 13 trillion, have a huge potential for increased trade and investment and especially for the African continent where 21 of the member states are located.” he said 

The occasion was graced by the Minister of Trade and Industry Hon. Francis Mwebesa, the Deputy Governor of the Bank of Uganda, and Michael Ating-Ego, among other dignitaries and business heads and investors in the country.   

In her remarks, the President of the Uganda National Chamber of Commerce and Industry Ms. Olive Kigongo said Lord Marland’s visit to Uganda was important because it underlined CWEIC’s commitment to working with the private sector organizations and the government to find opportunities that would drive economic development and growth in member countries. 

 “The Ugandan business landscape is very dynamic, with many different players from sectors as diverse as agriculture and digital services. Uganda’s business spectrum extends from small to medium enterprises,” she noted, recognizing stakeholders from manufacturing, construction, the extractive industry, pharmaceuticals, and tourism, financial services, among others – all eager to take advantage of market opportunities not just in the region, and African Continental free trade area but across the entire span of the commonwealth Member Countries.”

To achieve this, Kigongo noted that the Chamber has fully recognized the need to weave ‘headwinds’ into its strategy over the next phase of its journey but also focus reconciles with the global template provided by the Sustainable Development Goals, Agenda 63 at the African Union, as well as country’s National Development Plan.

Presiding at the event, Francis Mwebesa, Minister of Trade, Cooperatives, and Industry commended the government for prioritization of the private sector and providing a suitable fiscal monetary, and regulatory environment for the private sector to invest.

“Human capital and infrastructure investment provide a strong backbone for the private sector to thrive. The shift towards sustainable practice in most sectors is evident. The global economy is transforming, and there’s a growing focus on sustainable and environmentally responsible business practices,” he said.

According to him, these practices will help Uganda’s private sector take advantage of opportunities that speak to her unique attributes.

Minister says the chamber is such important that it will enable the government to develop policies to improve the business environment.

The Minister giving his remarks

“To progress, we need to have an ideal exchange with global counterparts such as the Commonwealth Enterprise and Investment Council,” he called, tasking the Chamber President, to fast-track this engagement with Lord Marland and his team.

The business evening private sector stakeholder dinner was attended by over 100 top CEOs operating with progressive businesses in Uganda, these included the Uganda Banker’s association, Coffee manufacturers, CEOs from Commercial Banks, and private Universities, among others.

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