MY PERSON OF THE WEEK: H.E Jan Sadek, Ambassador of the European Union to Uganda

This week, I had a chance to attend the 3-day 2024 Uganda-European Union Business Forum at the Speke Resort & Conference Centre Munyonyo , Kampala, on the shores of Lake Victoria, Africa's largest freshwater lake.

The Forum, now in its 3rd year, is organised by the EU Delegation to Uganda together with its Member States, in partnership with the Government of Uganda, the Private Sector Foundation Uganda (PSFU) and the Uganda Investment Authority under the @Sustainable-Business-for-Uganda ( SB4U Platform )Team Europe Initiative.

This year's Forum was held under the theme, “Boosting Trade and Investments? What can Uganda gain from the Global Gateway?”

For the uninitiated, Global Gateway is the EU’s strategy to support economic development, foster sustainable investments in connectivity and engage with the private sector to achieve transformative change.

One of the main financing tools of Global Gateway is the European-Fund for Sustainable Development Plus (EFSD+). Offering a variety of risk-sharing instruments, the EFSD+ aims to mobilise up to €135 billion of public and private financing to help partner countries achieve the Sustainable Development Goals (SDGs). Through the Global Gateway, the EU is leveraging the efforts and funds of the EU, its Member States, finance institutions like the European Investment Bank (EIB) and EU Member States national development banks and implementing agencies.

This 3rd edition of the Forum attracted more than 3600 individuals online and physically. Public and private sector representatives from Uganda as well as the various European Union Member States, including France, Germany, the Netherlands, Italy, Belgium, Denmark, Sweden, Ireland, Portugal, Austria, the Czech Republic, Poland, and others, attended.

Key European DFIs such as Development Finance Institutions such as Agence Fran?aise de Développement (AFD), Proparco, European Investment Bank (EIB), Kreditanstalt für Wiederaufbau (KfW Development Bank, GIZ, Enabel, FMO: Dutch Entrepreneurial Development Bank and European Development Finance Institutions (EDFI) were well represented.

Uganda's President Yoweri Kaguta Museveni was the Chief Guest. The European Commission's Deputy Director General for International Partnerships, Myriam Ferran attended too and gave key assurances about the strategic importance of mutual relations between Europe and Uganda.

It was a deeply engaging and mutually beneficial three days. Both sides made spirited pitches about the various opportunities that abound from mutual and respectful business partnerships between Europe and Uganda.

But one of the key things that struck me was how H.E Jan Sadek, the Ambassador of the European Union to Uganda deeply, passionately and authentically sold the "Invest in Uganda" message to European investors in the room and online.

“Come to Uganda, seize the opportunities offered by the Pearl of Africa and the region. We will all benefit from those partnerships,” Jan Sadek told delegates at the Forum.

He spoke of a genuine European Union commitment to "attract new companies and investors from the European Union and the region (to Uganda) while continuing to support those already invested in Uganda" adding that the existing positive trade balance between Europe and Uganda was the living proof of this genuine commitment.

"The EU’s share of Foreign Direct Investments in Uganda was in 2022 more than 40 per cent of the total or €1.2 billion. On the trade side, I'm delighted to affirm that the European Union and Uganda have a very healthy trade turnover, currently of €1.5 billion or UGX6.2 trillion," he said adding: "Since 2022, Uganda has had a positive trade balance with the EU. In 2022, Uganda exported €800 million and imported €700 million from the EU. This is very different from Ugandan trade with other global partners, where the import dominates".

" Trade is not a competition and it is not a zero-sum game," he reiterated.

He spoke of the advantages of trade, giving an example of Ugandan coffee, of which Europe buys 65% of all exports.

"I see coffee as a delicious and beautiful link between Uganda and the EU. When European coffee drinkers have their coffee in the morning, they create livelihoods for 3.5 million Ugandan families! Isn’t that fantastic?" Amb. Jan Sadek said.

He also spoke of Uganda's growing economy and strong projections as well as the recent delisting of Uganda from the Financial Action Task Force grey list, all of which make Uganda an attractive destination for European investments.

"Uganda is open for business", he said, adding: "Obviously also the EU is open for business".

And of the lakeside Speke Resort Munyonyo, the event venue, he had this to say:

"I think you will agree with me, that here at Speke Resort in Munyonyo, we are at one of the pearls of the Pearl of Africa!"

At the Forum eight projects with a total financial envelope of over €200 million designed to support small business owners, young female entrepreneurs, agribusinesses as well as vital digital infrastructure projects in Uganda were unveiled.

The Forum also provided an opportunity for 30 Ugandan companies to pitch to European investors for a total investment value of at least €14 million (60 billion UGX).

The event also provided an opportunity for 100 Structured Business-to-Business (B2B) meetings between European investors and Ugandan entrepreneurs.

90 exhibitors were also given a chance to showcase their businesses.