Summary:
Minister of Finance Matia Kasaija, who signed on behalf of Uganda, emphasized that the dialogue would strengthen bilateral ties and leverage Uganda’s strong GDP growth trajectory.
KAMPALA: The Government of Uganda has signed the terms of reference for a growth dialogue with the United Kingdom, represented by Lord Collins, the Under Secretary of State in the Foreign, Commonwealth, and Development Office. The signing took place at the Ministry of Finance.
   Speaking at the ceremony on Thursday, Minister of Finance Matia Kasaija, who signed on behalf of Uganda, emphasized that the dialogue would strengthen bilateral ties and leverage Uganda’s strong GDP growth trajectory.
Uganda’s GDP growth, currently at 6% in 2024, is projected to reach 10.8% with the commencement of oil production.
“This synergy aligns perfectly with our goals for economic and commercial diplomacy: to grow exports, attract tourists, and boost private investment flows,” Kasaija stated.
He also encouraged UK firms to invest across the ATMS sectors in ways that enhance the economic complexity of Uganda’s exports.
The signing ceremony was attended by key officials, including the Permanent Secretary and Secretary to the Treasury (PSST) Ramathan Ggoobi, UK High Commissioner to Uganda Lisa Chesney, Uganda’s High Commissioner to the UK Nimisha Madhvani, and other representatives from both governments.
Lord Collins reaffirmed that inclusive economic growth is a shared priority for both countries and commended the longstanding partnership between Uganda and the UK.
According to the terms of reference, Uganda’s 10-fold growth strategy focuses on increasing foreign direct investment, enhancing value addition, and boosting exports.
This strategy aims to create opportunities for stronger trade, investment, and people-to-people links between the two nations.
The dialogue marks the first in a series of meetings planned to advance Uganda’s 10-fold growth agenda, which is centered on ATMS.
Between 2019 and 2022, the UK was Uganda’s second-largest source of investment after the Netherlands, with an average annual foreign direct inflow of USD 685 million and a cumulative stock of USD 3.0 billion by 2023.
Additionally, the launch of direct flights to London by Uganda Airlines is expected to be a game-changer, boosting trade flows and tourism arrivals between the two countries.
The Source Reports.
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