Inaugural EU-Uganda Business Forum to strengthen bilateral ties

The inaugural EU-Uganda Business Forum recently took place in Kampala, showcasing a commitment to strengthening bilateral ties between the European Union and Uganda. The event, opened by the Prime Minister of Uganda and closed by President Yoweri Museveni, focused on fostering deeper trade relations and collaboration between the two regions. The forum comes at a crucial time as countries around the world are reevaluating their trade partnerships in the wake of the COVID-19 pandemic. One of the key highlights of the forum was Uganda's pledge to create a favorable environment for businesses and investments from the European Union. This commitment was met with a reciprocal promise from the EU to provide support for major projects in Uganda, particularly in the infrastructure sector. The discussions at the forum underscored the importance of diversifying trade partnerships to mitigate risks associated with global crises. Amidst the ongoing coronavirus outbreak, countries are faced with the challenge of balancing economic activities with public health concerns. The interviewee, Ken Agutamba, emphasized the need for countries to enhance their preparedness and capacity to address the impacts of COVID-19 while ensuring that trade continues. The forum served as a platform for exploring avenues for collaboration that can support economic resilience in the face of external shocks. The global market has experienced heightened levels of uncertainty due to the pandemic, causing disruptions in various sectors. However, Agutamba pointed out that crises also present opportunities for certain industries, with local manufacturing emerging as a potential beneficiary in Uganda. As global supply chains face disruptions, there is a growing recognition of the importance of boosting domestic production to enhance self-sufficiency. Conversations around 'Made in Uganda' and 'Made in Rwanda' products have gained significance as countries seek to reduce their reliance on imports from heavily affected regions. The current crisis has underscored the importance of promoting local industries to ensure stability in the face of unforeseen challenges. By supporting local manufacturing, countries like Uganda can strengthen their resilience and reduce their vulnerability to external shocks. Overall, the EU-Uganda Business Forum represents a step towards building stronger economic partnerships that can withstand global uncertainties. As countries navigate the complexities brought about by the pandemic, collaboration and diversification of trade relations emerge as key strategies for fostering resilience and promoting sustainable growth. The commitments made at the forum signal a mutual desire to deepen cooperation and unlock new opportunities for trade and investment between the EU and Uganda.