Uganda Development Bank (UDB), the country's national development finance institution, has held an investment forum at Jinja Civil Service College to discuss core issues facing Busoga and propose practical solutions to accelerate an inclusive and sustainable socio-economic transformation of the Region.
Officiated by the Kyabazinga ,William Wilberforce Gabula Nadiope IV, the event convened over 600 business personalities, political and enterprise leaders from the Busoga region, and representatives of various government agencies.
"As a development finance partner, we believe that the business community in the Busoga Region can leverage the resources in the region to harness investment and boost the region's socio-economic potential and development. In pursuit of this vision, we are here today to gain a better understanding of the needs of the region, engage the various stakeholders, discuss access to affordable capital, and offer financial advice to ensure the sustainability of businesses. Ultimately, we seek to impact the community in terms of job creation, contribution to tax revenue, GDP (output value), and forex exchange," said Patricia Ojangole, the UDB Managing Director.
The Busoga Investment Symposium was meant to identify and prioritizing investment opportunities, key challenges faced by the private sector and solutions and offering solutions to affordable financing for sustainable development.
Busoga has a population of 4.3 million people spread across 11 districts of Bugiri, Bugweri, Buyende, Iganga, Jinja, Kaliro, Kamuli, Luuka, Mayuge, Namayingo, and Namutumba.
According to officials from UDB, the region offers promising investment opportunities in agriculture, tourism, manufacturing, and mining.
The Kyabazinga, William Wilberforce Gabula Nadiope IV, through his second Deputy Prime Minister, Osman Noor Ahmed, lauded UDB for playing a pivotal role in facilitating Uganda's development and for implementing solutions to address the challenges confronting Busoga; he expressed optimism that the Busoga Investment Forum would lead to even more constructive solutions to the challenges that face Busoga.
"We appreciate UDB for its instrumental role in guiding our people on how they can participate in activities that will boost our region. Busoga is economically endowed with resources that our people can explore to improve their livelihood," the Kyabazinga said.
The first deputy Prime Minister and Minister for East African Community Affairs, Rebecca Kadaga hailed UDB for the symposium.
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"We want to develop a value chain in sugar cane by producing juice, paper and medicine to create employment for our people especially those without skills, if you can support us.We also need support in the tourism industry to help us benefit from the River Nile like in Egypt where it's the highest income earner. We need to improve the transportation through water from Jinja to Entebbe to enhance tourism," Kadaga noted.
UDB investment forums are a platform for promoting trade and investment, exploring investment opportunities, and engaging stakeholders on sustainable investment approaches that will boost the region's potential.
The symposium is hosted by UDB in partnership with the private sector and government ministries, departments, and agencies.
"In line with our mandate of accelerating socio-economic development in Uganda, we remain committed to undertaking interventions to support a vibrant private sector, and implementing solutions that promote our country's national development priorities," UDB's Ojangole added.
UDB has hosted similar engagements in the West Nile, Acholi, Bunyoro, Ankole, Rwenzori, Bugisu, Teso, Karamoja, Wakiso, and Toro subregions.
