Kampala, Uganda |Implementation on a new four-year project to promote sustainable economic growth, boost trade and investment, and create green and decent jobs in Uganda has taken off.
The European Union (EU) funded Sustainable Business for Uganda (SB4U) 2.0 – Trade and Investment Development project is running from 2024 to 2028 and will enhance Uganda’s regional and global competitiveness.
Implemented by the International Trade Centre (ITC), the €8 million (UGX 33 billion) initiative is in line with Uganda’s priority to build an inclusive, digital and knowledge-based economy.
By strengthening trade and investment ties with the EU, a key priority of its partnership with Uganda, this initiative will support the country to leverage further on its longstanding tariff-free access to the EU market.
Furthermore, the trade policy and facilitation components will strengthen Uganda’s trade flows with its neighbours, allowing the country to contribute further to the pivotal African Continental Free Trade Area implementation. The project will also contribute to policy reforms, improving competitiveness and enabling green and sustainable practices as well as expanding Uganda’s e-commerce ecosystem.
The stakeholder engagement undertaken in the six-month inception phase that began in 2024, has set the foundation for an implementation geared to key public and private sector interests in Uganda, with a focus on the tourism, logistics and grains sectors.
Francis Mwebesa, Minister of Trade, Industry and Cooperatives, Uganda said his project is an enabler for the Government of Uganda to facilitate our private sector to seize more opportunities in regional and global markets.
The project objectives are in tandem with the goal of the National Development Plan IV which is to increase household incomes, full monetization of the economy, and employment for sustainable socio-economic transformation. We also expect the project to contribute to the realization of our ten-fold growth strategy which aims to increase Uganda’s economy from USD 50 billion to USD 500 billion by 2040″.
Sanne Willems, Team Leader, EU Delegation Uganda said: “The EU is pleased to strengthen its longstanding partnership with Uganda on trade as part of the Sustainable Business for Uganda (SB4U) Team Europe Initiative. With this EUR 8 million (UGX 33 billion) investment, we are confident that together we will be able to strengthen the trade and investment profile of Uganda’s tourism, logistics and grains sectors, as we seek to bring Uganda’s high value products even closer to the lucrative EU market.”
ITC Executive Director Pamela Coke-Hamilton said: ‘As we work together on phase two of this project, we’re going to see a stronger trade relationship between Uganda and the EU, which places sustainability, digital connectivity and job creation at the heart of economic growth. More small businesses in Uganda will be able to scale their operations, export and create jobs.’
About The Author
Leave a comment