Uganda hopes to attract investments worth 4 billion dollars (15 trillion shillings) from her participation at COP28 in Dubai later this year. COP 28 (the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change) is scheduled for November 30 to December 12 this year.
The global event brings together world leaders, policymakers, and influencers to address the pressing challenges of climate change. “We will run an aggressive promotional drive during COP28 to generate 4 billion dollars (15 trillion shillings) in climate-linked investment deals and pursue future leads in renewable energy, energy efficiency, sustainable agriculture, waste management, recycling, and green infrastructure,” said Robert Mukiza, the Director General of UIA.
He said while Uganda is a low-carbon investment destination, it remains ideal for green investments as wellas adaptive technologies. “Uganda offers untapped potential in solar, wind, and hydroelectric power, capitalizing on the growing clean energy solutions,” he added.
Uganda will also position itself as a growing but significant technology hub “with attractive prospects in sustainable tourism and the location of one of the world’s largest and most responsible oil and gas projects,” according to Mukiza. Uganda has been both hailed and criticised in relation to the global fight against climate change.
It finds itself among the aspiring leaders of the e-Mobility (electric vehicles and parts) economy but also having to battle opponents of fossil fuels production worldwide. The government says there is no way Uganda can be left behind in the transition to renewable and clean energy.
As a result, it hopes that global investors will find Uganda an attractive destination for green investments due to her huge natural resources.
“Uganda is located strategically as a gateway to East Africa with a proven record for its investor-friendly policies and dedicated government support as well as being in one of the fastest growing economic regions in the world,” UIA says. This also guarantees access to domestic, regional, and global markets (quota-free and tariff-free).
These include; the East African Community (EAC) with a population of over 300 Million people, the Common Market for Eastern and Southem Africa (COMESA) with a population of over 600 Million people, the African Continental Free Trade Area (ACFTA) with a population of 1.3 Billion people in 55 countries with a combined GDP valued at 3.4 Trillion dollars.
Apart from these economic blocs Uganda also has the advantage of trade agreements with the developed world markets like Everything But Arms (EBA) of the European Union, as well as Trade agreements with China.