Uganda is gearing up to host the Pan African Congress Business Forum from October 6th to 12th, 2024, at the Speke Resort in Kampala. Organized by the Presidential Advisory Committee on Exports and Industrial Development (PACEID), this event aims to create a platform where the African diaspora can connect with the business world, contributing to Uganda’s socio-economic development while promoting trade, investment, research, and advanced technology across the continent.
The Forum’s focus is on strengthening ties with multinational corporations and exploring new opportunities for doing business globally. It comes at a time when Africa is increasingly positioning itself as a key player in the global economy, with leaders calling for deeper collaboration within the diaspora to drive the continent’s growth and foster pan-African solidarity.
According to Odrek Rwabwogo, head of PACEID, the Ugandan government is actively tapping into the expertise and networks of the diaspora to attract more international investors. “We’re not pushing to enter the U.S. market; in fact, the U.S. market is actively seeking us out,” Rwabwogo noted. He pointed out that many U.S. companies are already operating in Uganda, a testament to the strong commercial ties built over 60 years of diplomatic relations between the two countries. “These ties go beyond any temporary setbacks like AGOA,” he added, referring to the African Growth and Opportunity Act.
Rwabwogo emphasized the demand for organic products in the U.S., which Uganda is well-positioned to supply. He highlighted the need for continued collaboration between Ugandan and U.S. markets to create jobs and drive economic growth, stating, “Uganda doesn’t rely on aid; we believe in growing the economy through partnerships between industries and sectors, which is what this convention is all about.”
Brenda Katarikawe Opus, PACEID’s Director of Markets, also underscored the importance of trade representatives in the U.S., particularly Cody Lance in Illinois and Dr. Olivier Kamanzi in Chicago, who are pivotal in attracting investors and promoting the event. She added, “Working together, we can strengthen our economic ties and create meaningful opportunities for both nations.”
The Pan African Congress Business Forum is set to be a major platform for discussions, networking, and collaborations between Ugandan businesses and their American counterparts. Its primary goal is to expand Uganda’s export opportunities, especially to the U.S., the largest consumer market in the world, with an $18 trillion economy. Rwabwogo reiterated that strengthening Uganda’s trade relations with the U.S. could elevate not only Uganda’s but Africa’s trade ties with the global giant.
This initiative is being carried out in collaboration with the Africa Global Chamber of Commerce, led by Uganda’s Trade Representative in the U.S., with the primary goal of increasing Uganda’s exports to the U.S.
The role of the Ugandan diaspora in the nation’s economic development has grown significantly, with remittances hitting $1.42 billion (UGX 5.5 trillion) in the last year alone, a 13.4% increase from the previous year. These remittances have stabilized the economy, fueled investments, and supported household expenditures. Ambassador Johnny Muhindo, head of the Diaspora Department at the Ministry of Foreign Affairs, earlier this year highlighted the need for a comprehensive national diaspora policy to fully harness the contributions of Ugandans abroad while addressing the challenges they face, such as legal and immigration issues and difficulties in transferring funds home.
Muhindo stressed that the right policies could further unlock the potential of the diaspora, creating a significant impact on Uganda’s development. To this end, the Ministry has outlined plans to enhance engagement with the diaspora, including launching a National Diaspora Policy, promoting agri-preneurs, and creating a diaspora bond.