(Entebbe) – President Yoweri Kaguta Museveni has met with a French business delegation to discuss Uganda’s investment potential, focusing on infrastructure, energy, and agricultural development.
At State House Entebbe on October 29, 2024, President Museveni met with 17 French investors, led by Celine Gouveia, President of the France-East Africa Business Council under MEDEF International. The French delegation represents the largest foreign investor group in Uganda, accounting for 53% of the country’s foreign investment in 2023. President Museveni highlighted his commitment to strengthening Uganda’s economic ties with France, emphasizing opportunities for infrastructure development that would connect producers and consumers.
He discussed Uganda’s need for affordable energy, urging investors to consider power projects capable of generating electricity at a cost below five cents per kilowatt-hour, which he believes is crucial for Uganda’s industrial growth. President Museveni also highlighted irrigation as an area needing investment, stressing that enhanced irrigation systems could help stabilize agricultural output and boost the economy’s resilience.
Reflecting on past governance, Museveni credited his administration’s pro-business approach with building Uganda’s private sector, now a cornerstone of the national economy. He also discussed the importance of regional integration efforts through the East African Community and the African Continental Free Trade Area, which he said would expand Uganda’s market access across Africa.
Gouveia, speaking on behalf of the French delegation, expressed French companies’ commitment to Uganda’s economic and social sustainability. She noted that around 40 French companies are currently operating in Uganda across sectors, offering specialized skills, technology, and employment. French public institutions like the French Development Agency and the BDI investment fund are also backing private initiatives, focusing on long-term projects that address global challenges like climate change and promote sustainable growth.
| Key Investment Areas Discussed | Focus |
|---|---|
| Infrastructure | Enhancing connectivity between producers and markets |
| Energy | Developing affordable power solutions |
| Agriculture and Irrigation | Supporting stable agricultural production |
MEDEF International, a leading French business organization, has a strong presence in Uganda and aims to foster sustainable economic models. The French delegation’s objectives align with Uganda’s vision of creating more employment and innovation opportunities for local communities. Museveni also discussed France’s growing role in Uganda’s long-term sustainable development, encouraged by support from French public institutions.
Uganda’s Ambassador to France, Doreen Ruth Amule, French Ambassador to Uganda, Xavier Sticker, and Uganda’s Finance Minister, Matia Kasaija, attended the meeting.
