KAMPALA, July 13, 2024– The Deputy Speaker of Parliament, Thomas Tayebwa, has lauded the cooperation between Uganda and France in the areas of trade, investment, and diplomacy, saying it ought to be fostered.
“We are looking forward to increasing the trade volumes between our two countries and the European Union in general. We hope that the newly established chamber will also contribute to reduction of the balance of trade which stood at US$ 57 million in favour of France, according to 2023/2024 figures,” said Tayebwa.
Tayebwa made the remarks yesterday while speaking at an event to commemorate Bastille Day, held at the residence of the French Ambassador to Uganda.
The Bastille Day is a French national anniversary celebrated every 14 July to commemorate the 1789 storming of the Bastille, a major event of the French revolution.
According to Tayebwa, the recent establishment of the French Chamber of Commerce in Uganda on July 4, 2024, will galvanise the operations and impact of French companies in the country.
He called for more investment by French companies in the areas of agro-industrialisation and agribusiness, mineral beneficiation of oil and gas, and tourism development.
“Uganda is ready to continue improving the investment environment to attract strategic investors and ensure good return on their investment. French companies in Uganda numbering over 40, are today reputed to employ around 3,000 Ugandans and directly contributing strongly to revenue through taxation,” Tayebwa said.
He also commended France’s key role in maintaining peace and security as a member of the United Nations Security Council, and called for its support for the African position at the Council.
“Uganda believes that Africa should have a bigger voice on the Security Council. In this regard, Uganda would welcome France’s positive voice and support for the African position in the framework of the ongoing discussions on the reform of the UN Security Council,” said Tayebwa.
On his part, French Ambassador to Uganda, Xavier Sticker, highlighted the impact of investments by French companies in Uganda, noting that their turnover currently exceeds 2 per cent of Uganda’s GDP in sectors like energy, infrastructure, logistics, transport, engineering and agriculture.
“In 2023, they invested US$1.6 billion which is 53 per cent of the total foreign direct investment in Uganda. Over the next three years, they plan to invest US$ 4.1 billion [Shs 16 trillion], according to the results of a survey by France’s foreign trade advisers in Uganda,” Sticker said.
He also noted support worth more than €800 million from French Development Agency [AFD] in sectors like water and energy, including planned delivery in December 2024, of a major water treatment plant and network that will supply water to a million Ugandans from the border with Tanzania to Mbarara.
The French Ambassador lauded the Uganda-France partnership for peace and stability in East Africa.
“This is illustrated in particular by the cooperation between the UPDF and the French forces stationed in Djibouti, in support of peace operations in Somalia and the Democratic of Congo. France also supports Uganda’s generous refugee policy and also provides food aid to Karamoja and West Nile,” said Sticker.
https://thecooperator.news/tayebwa-urges-europeans-to-invest-in-uganda-s-coffee-sector/
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