Uganda Development Bank (UDB), the country’s national development finance Institution, yesterday unleashed an investment forum at Jinja Civil Service College to discuss core issues facing Busoga and propose practical solutions to accelerate an inclusive and sustainable socio-economic transformation of the Region.
Officiated by the Kyabazinga of Busoga His Majesty William Wilberforce Gabula Nadiope IV, the event convened over 600 business personalities, political and enterprise leaders from the Busoga region, and representatives of various government agencies.
Patricia Ojangole, the Managing Director at UDB said, “As a development finance partner, we believe that the business community in the Busoga Region can leverage the resources in the region to harness investment and boost the region’s socio-economic potential and development. In pursuit of this vision, we are here today to gain a better understanding of the needs of the region, engage the various stakeholders, discuss access to affordable capital, and offer financial advice to ensure the sustainability of businesses. Ultimately, we seek to impact the community in terms of job creation, contribution to tax revenue, GDP (output value), and forex exchange.”
The Busoga Investment Symposium was held with the aim of;
- Identifying and prioritizing investment/entrepreneurship opportunities.
- Identifying the key challenges faced by the private sector in the region as well as solutions and remedial action.
- Identifying sustainable and impactful investment opportunities available in the Busoga Sub-Region in line with the National Development Plan.
- Offering solutions for affordable financing to facilitate sustainable development.
Busoga has a population of 4.3 million people spread across 11 districts: Bugiri, Bugweri, Buyende, Iganga, Jinja, Kaliro, Kamuli, Luuka, Mayuge, Namayingo, and Namutumba. The region offers promising investment opportunities in agriculture, tourism, manufacturing, and mining. Supported by favorable government policies and infrastructure connectivity, it presents a promising investment destination with diverse opportunities for businesses of all sizes catalytic to poverty reduction and sustainable economic development in the sub-region.
His Majesty William Wilberforce Gabula Nadiope IV, through his representative 2nd Deputy Prime Minister, Osman Noor Ahmed, lauded UDB for playing a pivotal role in facilitating Uganda’s development and for implementing solutions to address the challenges confronting Busoga; he expressed optimism that the Busoga Investment Forum would lead to even more constructive solutions to the challenges that face Busoga, describing the Bank as one of the institutions delivering Uganda’s Vision 2040.
“We appreciate UDB for its instrumental role in guiding our people on how they can participate in activities that will boost our region. Busoga is economically endowed with resources that our people can explore to improve their livelihood.”
1st Deputy Prime Minister and Minister of East African Community Affairs, Rt. Hon. Rebecca Kadaga Alitwala, who also graced the Forum said “We want to develop a value chain in sugar cane by producing juice, paper, and medicine to create employment for our people especially those without skills, if you can support us.”
“We also need support in the tourism industry to help us benefit from the River Nile like in Egypt where it’s the highest income earner. We need to improve the transportation through water from Jinja to Entebbe to enhance tourism.” She added.
UDB investment forums are a platform for promoting trade and investment, exploring investment opportunities, and engaging stakeholders on sustainable investment approaches that will boost the region’s potential. The symposium is hosted by UDB in partnership with the private sector and government ministries, departments, and agencies.
“In line with our mandate of accelerating socio-economic development in Uganda, we remain committed to undertaking interventions to support a vibrant private sector, and implementing solutions that promote our country’s national development priorities,” Ms Ojangole added.
UDB has hosted similar engagements in the West Nile, Acholi, Bunyoro, Ankole, Rwenzori, Bugisu, Teso, Karamoja, Wakiso, and Toro subregions.