By Magezi Kiriinjju
Government of Uganda under Operation Wealth Creation in partnership with Mountains of the Moon University and Uganda Investment Authority will host The Rwenzori Investment Expo themed “Investments for Local Economic Development” from 30th-31st January 2020 in Fort-Portal City.
The expo is intended to strengthen Uganda’s economic development agenda that pursues an inclusive private sector-led and export-oriented growth for last 30 years. This strategy has ensured sustainable socio-economic transformation that has resulted in accelerated economic growth averaging between 5.5% -6.5% annually.
The main drivers of this growth have been increased private and public sector activity, supported by relatively stable global and regional economic environment. Judging by a resurgent private sector credit performance and a booming middle class, it’s safe to say that Uganda’s insistence on a private led growth has proved to be a strategic success.
Therefore, hosting an investment Expo in Rwenzori region on the heels of the previous West-Nile one in Arua is a business master stroke for our country.
The symposium brings together the public and private sectors, local business players, the diplomatic corps, communities from neighboring countries and the academia into one room to take advantage of available strategies and frameworks geared at driving investment in Uganda.
Some of these include The Presidential Initiative for Agro-Industrialization for Local Economic Development developed by Operation Wealth Creation in Partnership with the Local Government Finance Commission and others. The main focus of this strategy is poverty reduction and sustainable wealth creation and most fits in well with the long-term vision to industrialize and transform the economy by 2040.
Another is the National Strategy for Private Sector Development (2017/18 – 2021/22) aimed at boosting investor confidence for business growth, profitability and industrialization. The strategy aims to strengthen structural transformation in the economy by deepening the links between agriculture and industry while reducing the informal sector.
We also have the Public Investment for Agro-industrilation strategy by the Minsitry of Finance, Planning and Economic Development focusing on realigning public financing to maximize agro-industrialization agenda. Under this strategy, nine commodity value chains were identified including, coffee, tea, cotton, cassava, maize, oil palm, fish, dairy and beef.
Key to achieve strategy targets to improve domestic supply chains, strengthening quality and standards infrastructure, promoting import replacement and deeper integration into global value chains, and provision of appropriate long-term financing for agro-industries.
The Rwenzori region which comprises of Ntoroko, Bundibugyo, Kabarole, Kyenjojo, Kyegegwa, Kasese, Kamwenge and Bunyangabu districts and the 2 municpalities of Fort Portal and Kasese is plentifully endowed naturally with fertile land, mineral resources, forestry, wildlife, and energy which have made Tourism, agriculture and mining the main economic activities.
The region is also land linked to neighboring countries of Rwanda, DR Congo and Burundi which provide vast regional markets for locally produced goods. Hosting an Investment Expo in the area therefore provides a platform for sharing strategies on harnessing this huge market for wealth creation, regional balancing and consolidating peace to enhance development as well as sustainable local government financing.
The convergence of both local, foreign investors and businesses will lead to exploration of new economic opportunities in the Rwenzori region, provide networking and discussion on investment decisions that will spur engagement with local governments investment community to enhance value addition, create jobs and improve incomes for households as well as strengthening private sector performance.
The success of the expo is expected to contribute to the National Development Objectives that comprise of economic diversification and job creation, poverty reduction, reduced inequalities in development, enhanced development of Ugandans and local governance environment for a diversified and inclusive economic growth.
Having identified the key economic growth sectors as Agriculture with Tea, Bananas, Cocoa, Vanilla as the main stays, Agro-industry that focuses on agro- processing will be a potential area of investment interest. Tourism will be another sector of interest due to the potential that exists in the region like the snow-capped mountains of the moon, national parks, Queen Elizabeth, hot springs and cultural sites like Amabere ga’Nyiina Mwiiru.
The region produces minerals like salt, copper, limestone and cement which are attractions to investors. If the above sectors are developed, the need for transformation of the transport sector and ICTs becomes inevitable.
Therefore, the symbiotic relationship of potential investments in all these sectors will result in unprecedented economic development for entire region, surrounding districts and Uganda as a country.
The expo is open to the general public with a bias for investors both local and international looking for opportunities to invest, expand their business sphere and create wealth.
In a nutshell, the goal of the expo is to showcase investment opportunities and potential in the Rwenzori Region by identifying key growth sectors and potential investors to support sustainable development in the area.
The Writer is a Communication Assistant at Government Citizen Interaction Centre (GCIC), Ministry of ICT and National Guidance.
