In recent years, Uganda has intensified efforts to bolster its trade relations, particularly with its diaspora, which plays a crucial role in driving the nation’s economic growth. This effort was highlighted in a recent strategic meeting between President Yoweri Kaguta Museveni and his Senior Presidential Advisor on Trade and the National Resistance Movement (NRM) Diaspora, Mr. Kakuru Phillip. The two leaders gathered at the presidential country home in Rwakitura to discuss ways to enhance Uganda’s trade and investment prospects, focusing on harnessing the potential of the diaspora.
Trade and investment are integral pillars of Uganda’s economic development strategy. During their conversation, President Museveni and Mr. Kakuru emphasized key areas that could stimulate growth, such as addressing trade tariffs and fostering an environment conducive to foreign direct investment (FDI). “We focused on improving trade and investment, addressing trade tariffs, and exploring ways to increase foreign direct investment (FDI) into Uganda,” explained Mr. Kakuru. This focus on increasing FDI is crucial for Uganda, as it seeks to position itself as a competitive investment hub in Africa.
The Role of the Ugandan Diaspora in Economic Growth
One of the key discussions during the meeting was the significant role the Ugandan diaspora plays in the country’s economic development. Remittances from Ugandans living abroad have become a vital source of income for many households, contributing significantly to poverty alleviation. According to the World Bank, Uganda ranks among the top African countries receiving remittances, with more than $1.4 billion annually sent home by Ugandans abroad.
In this context, President Museveni underscored the importance of channeling even more resources from the diaspora into Uganda’s economy. “We are committed to finding more ways of channeling the vast resources and potential of the diaspora into Uganda’s economy,” the President remarked. This initiative is essential for stimulating economic growth and development, particularly in sectors such as agriculture, infrastructure, and services.
Strategic Trade Summits to Attract Foreign Investment
In addition to focusing on diaspora remittances, the meeting also discussed the organization of strategic trade summits aimed at attracting foreign investors to Uganda. These summits would serve as platforms for policymakers, business leaders, and international stakeholders to engage with Uganda’s economic opportunities. Mr. Kakuru highlighted the importance of such events, saying, “We are looking at ways to organize strategic trade summits that can attract more investors to Uganda.”
These trade summits would also serve to strengthen Uganda’s bilateral trade relations with other countries, creating a more robust and open market for Ugandan products and services. Strengthening trade relationships is a cornerstone of Uganda’s strategy to increase its share of the global market, with particular emphasis on sectors such as energy, tourism, and agriculture.
Global Engagement and the G20 Summit
Looking beyond regional efforts, the President and Mr. Kakuru also discussed Uganda’s role on the global stage, particularly with respect to the upcoming G20 Summit in November 2025, set to take place in Johannesburg, South Africa. The G20 summit, which brings together major world economies, provides a platform for Uganda to promote its trade and investment potential to a global audience.
“We are preparing for the upcoming G20 Summit where we will highlight Uganda’s readiness to engage with the world’s leading economies,” stated President Museveni. This global engagement is vital for increasing Uganda’s visibility, attracting investment, and further integrating the country into global trade networks.
Investing in Infrastructure and Trade Policies
A major aspect of the meeting also centered around Uganda’s need to modernize its infrastructure and trade policies. The country’s strategic location in East Africa, with access to regional markets such as the East African Community (EAC), offers significant opportunities for foreign businesses looking to expand into the African market. Both leaders agreed on the necessity to improve Uganda’s business climate by enhancing infrastructure, simplifying trade processes, and offering incentives to foreign investors.
Uganda’s leadership is keen on creating an investment-friendly environment that fosters innovation and growth. Modernized infrastructure and streamlined trade policies will play a crucial role in positioning Uganda as a key investment destination.
Conclusion: A Vision for Uganda’s Economic Future
The meeting between President Museveni and Mr. Kakuru Phillip marks a significant step in Uganda’s efforts to expand its trade and investment footprint, with a particular focus on leveraging the potential of the diaspora. By exploring avenues such as trade summits, strengthening bilateral relations, and engaging with global forums like the G20, Uganda aims to increase its global economic standing.
As President Museveni aptly stated, “We are focused on building Uganda into a vibrant economy, and with the help of the diaspora and our trade initiatives, we will continue to attract global attention and investment.” These efforts align with Uganda’s broader goal of achieving sustainable economic growth, job creation, and long-term prosperity for its citizens.
By tapping into the potential of the diaspora, improving trade policies, and enhancing infrastructure, Uganda is positioning itself for a brighter economic future that benefits all its citizens and attracts global investment. The initiatives discussed during this high-level meeting reflect a forward-thinking approach aimed at ensuring Uganda remains a key player in the global economic landscape.
