French companies have announced plans to invest a staggering $4 billion (approximately Sh15 trillion) in Uganda over the next three years. This landmark investment is aimed at bolstering various sectors including energy, value addition, agriculture, logistics, electric mobility, digital technologies, water, and solar energy, highlighting a significant commitment to enhance economic cooperation between France and Uganda.
Launch of French Chamber of Commerce in Uganda
The Embassy of France in Uganda, together with French companies operating in the country and their local counterparts, officially launched the French Chamber of Commerce in Uganda (FCCU). This initiative marks a pivotal moment in fostering deeper economic ties and facilitating business opportunities between the two nations.
Investment Figures and Objectives
According to Xavier Sticker, the Ambassador of France to Uganda, French companies had already invested $1.6 billion (Sh6 trillion) between 2022 and 2023. The establishment of the FCCU is expected to further catalyze these investments, creating avenues for job creation and economic growth across Uganda.
Sticker emphasized the Chamber’s role in promoting economic partnerships, highlighting its significance as the first Chamber of Commerce of an EU member country in Uganda. This development underscores France’s commitment to expanding its footprint in Uganda’s business landscape.
Impact and Growth of French Companies in Uganda
Jean Gavalda, president of the French Foreign Trade Advisory Committee in Uganda, noted a substantial increase in French companies operating in Uganda, growing from nine in 2010 to 40 presently. These companies collectively employ 3,000 Ugandans, with a notable 30% representation of female employees.
Gavalda underscored that besides creating employment, French investments will bring advanced technology, quality standards, certification processes, and vocational training. Additionally, they are poised to promote social inclusion and gender equality within their operations.
Role of FCCU in Business Networking
Thomas Pelletier, president of FCCU, highlighted the evolution of the organization from a business club to a fully-fledged chamber. Globally, FCCU is part of a network encompassing 118 similar chambers in 93 countries, facilitating connections among 40,000 companies worldwide.
Happiness Daher-Ebhohon, general manager of FCCU, announced plans to establish a local office and recruit staff to bolster operations. She outlined FCCU’s objectives to actively promote Uganda as an investment destination, support local businesses in accessing international markets, and facilitate partnerships with French counterparts through trade fairs and other collaborative initiatives.
The launch of the French Chamber of Commerce in Uganda heralds a new era of economic collaboration and growth. With $4 billion set to flow into Uganda’s economy across critical sectors, this initiative not only promises to enhance infrastructure and technological advancements but also to elevate Uganda’s status as a favorable destination for international investments.
