Museveni Welcomes French Investors to Uganda

President Yoweri Kaguta Museveni met with a delegation of 17 French investors at State House Entebbe on Tuesday 29th October 2024 to explore strengthening economic partnerships. Led by Ms. Celine Gouveia, President of the France-East Africa Business Council under MEDEF International, the delegation represents the largest foreign investor group in Uganda. As of 2023, French companies accounted for a notable 53% of the country’s foreign direct investment.

Museveni emphasized Uganda’s need for infrastructure to connect producers with consumers and highlighted the country’s abundant raw materials as key incentives for French investors. “We need infrastructure because it links the buyer to the consumer,” he stated, reflecting on how regional integration efforts, such as the East African Community and the African Continental Free Trade Area, are creating broader market access for Ugandan products.

President Museveni also urged French companies to consider affordable energy generation, recommending costs below 5 cents per kilowatt-hour to support Uganda’s industrial growth. He further invited investment in irrigation to boost agricultural stability, pointing to the critical role of irrigation projects in achieving sustainable agricultural growth.

Ms. Gouveia expressed French businesses' commitment to Uganda’s sustainable future. “This presence represents a strong vote of confidence in Uganda’s economic landscape,” she remarked, noting that 40 French companies are currently active in Uganda across multiple sectors, including energy, oil, and agriculture. French investment in Uganda, she added, is not only financial but also technological and geared towards creating local employment opportunities.

French public institutions, such as the French Development Agency and the BDI investment fund, are supporting Uganda’s private sector initiatives with a shared focus on addressing climate change and promoting economic progress. MEDEF International aims to continue fostering a robust, sustainable business environment in Uganda aligned with France’s vision for growth and resilience.

The meeting was attended by Uganda’s Ambassador to France, Doreen Ruth Amule; French Ambassador to Uganda, Xavier Sticker; and Uganda’s Minister of Finance, Planning and Economic Development, Matia Kasaija. The discussions underscored the strengthening of Uganda-France ties based on mutual goals of economic growth and sustainable development.