Uganda: French Investor Gives Vote of Confidence After Meeting Museveni

30 October 2024
Nile Post (Kampala)
By Victoria Bagaaya

The group, organised under MEDEF International, represents the largest foreign investor presence in Uganda, with French companies currently making up 53% of the country's foreign investment.

French investor confidence in Uganda's economic landscape received a boost today as a delegation of 17 French investors, led by Ms. Celine Gouveia of the France-East Africa Business Council, met with President Museveni at State House Entebbe.

The group, organised under MEDEF International, represents the largest foreign investor presence in Uganda, with French companies currently making up 53% of the country's foreign investment.

During the discussions, President Museveni welcomed French investment, emphasizing Uganda's strategic potential, abundant raw materials, and the need for infrastructure development to connect producers with consumers.

"We need infrastructure because it links the buyer to the consumer," Museveni stated, reflecting on his government's pro-business policies that have bolstered Uganda's private sector growth.

Museveni also underscored the importance of affordable power, encouraging investors to consider energy projects with production costs below 5 cents per kilowatt-hour to support industrial expansion.

Additionally, he highlighted Uganda's focus on regional integration through the East African Community and African Continental Free Trade Area, which he said will enhance market access for Ugandan products across Africa.

Ms Gouveia expressed French businesses' commitment to sustainable growth in Uganda, noting the involvement of 40 French companies across diverse sectors.

She described the investor presence as a "vote of confidence" in Uganda's economic stability and potential.

She also praised the support of French institutions like the French Development Agency, which collaborates on long-term projects in Uganda focused on climate change, social progress, and sustainable development.

The meeting was attended by high-ranking officials, including Doreen Ruth Amule, Uganda's Ambassador to France; Xavier Sticker, the French Ambassador to Uganda; and Finance minister Matia Kasaija.

This visit underscores a deepening partnership between Uganda and France, driven by shared goals of sustainable development and economic cooperation.

Read the original article on Nile Post.

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