French Companies to Bolster Uganda’s Economy with $4 Billion Investment In a significant development for Uganda’s economic growth, French companies have expressed their commitment to invest over $4 billion in the country. This investment, announced by French President Emmanuel Macron during a virtual meeting with Ugandan President Yoweri Museveni, will focus on key sectors such as infrastructure, energy, and agriculture. The announcement has been welcomed with enthusiasm by the Ugandan government, which has been actively seeking foreign investment to accelerate its economic recovery post-COVID-19. This investment is expected to create significant opportunities for Ugandan businesses and stimulate job growth. Among the French companies set to invest are: * TotalEnergies: Will invest $1 billion in the development of Uganda’s oil fields and the construction of an oil refinery. * Engie: Will invest $1.5 billion in renewable energy projects, including solar and hydropower. * Schneider Electric: Will invest $700 million in electricity distribution and smart grid development. * Bureau Veritas: Will invest $200 million in quality control and certification services for Uganda’s infrastructure and industrial sectors. In addition to the investments, France has pledged to provide technical assistance and capacity building for Ugandan institutions, particularly in the areas of infrastructure planning and project management. This support will help ensure that the investments are sustainable and aligned with Uganda’s long-term development goals. The French President stressed the importance of transparency and accountability in the use of these funds, emphasizing France’s commitment to ensuring that the benefits of this investment reach all Ugandans. “We believe that this investment will not only contribute to Uganda’s economic growth but also strengthen the ties between our two countries,” said Macron. President Museveni expressed his gratitude for the investment and assured the French delegation of a conducive business environment and protection of their investments. He emphasized the importance of this investment in unlocking Uganda’s economic potential and creating a better future for its citizens. The investment by French companies in Uganda is a testament to the country’s growing attractiveness as an investment destination. It is expected to drive economic growth, create jobs, and foster closer economic ties between France and Uganda.Launch of the French Chamber of Commerce of Uganda Unveils Ambitious Investment PlansLaunch of the French Chamber of Commerce of Uganda Unveils Ambitious Investment Plans The inaugural launch of the French Chamber of Commerce of Uganda (FCCU) signifies a significant milestone in economic relations between France and Uganda. Established as the first Chamber of Commerce from a European Union member country in Uganda, the FCCU marks the growing presence and investment of French companies in the Ugandan economy. During the inauguration held at the French Residence in Kampala, French Ambassador to Uganda, Xavier Sticker, emphasized the positive trajectory of economic ties between the two nations. Ambassador Sticker stated, “French companies have made a substantial commitment to Uganda’s economic growth and development. The creation of the FCCU is a reflection of our determination to foster stronger bilateral economic relations.” A comprehensive report presented at the event highlighted the significant contributions of French companies to Uganda’s economy: * Major Investors: French companies have emerged as the leading investors in Uganda, with their number growing from nine in 2010 to 40 in 2023. These companies generated sales of $875 million and employed over 3,000 Ugandans, with women comprising 30% of the workforce. French investments doubled between 2022 and 2023, reaching $1.6 billion, representing 53% of Uganda’s foreign direct investment (FDI) inflows. * Economic Transition: French companies are actively aiding Uganda’s economic transition, operating in sectors such as agriculture, energy, distribution, digital technologies, electric mobility, logistics, and transport. Notably, three French companies hold 25% of Uganda’s solar energy capacity, providing clean electricity to over 120,000 households. * Investment in Human Capital: In 2023, French companies provided over 46,000 hours of employee training and funded scholarships for young Ugandans to enhance their skills and education. Ambassador Sticker highlighted the broader implications of these investments, aiming to support Uganda’s path to modernization and prosperity while ensuring that these investments benefit all segments of society. The FCCU, with 63 members from both French and Ugandan companies, aims to foster partnerships and offer services to strengthen economic ties. The integration of the Kampala Business Club into the international network of Chambers of Commerce and Industry (CCI) further solidifies this initiative, marking a significant step forward in economic cooperation between France and Uganda.Uganda is set to receive over $4 billion in investments from French companies following a meeting between President Yoweri Museveni and a delegation of French investors led by the Medef International President, Geoffroy Roux de Bézieux. The investments will be channeled into various sectors, including energy, agriculture, infrastructure, and tourism. President Museveni welcomed the investment commitment, saying it was a testament to Uganda’s stable investment climate and growth prospects. He assured the delegation of continued government support for their investments. The French investors expressed confidence in Uganda’s economy and its potential for growth. They lauded the country’s recent economic performance and its commitment to improving the business environment. The meeting was part of the ongoing efforts by the Ugandan government to attract foreign direct investment (FDI) as a key driver of economic growth and development. Uganda has been actively promoting its investment potential and working to improve its ease of doing business. The country has recently introduced a number of reforms to facilitate investment, including streamlining the business registration process and providing tax incentives for investors. The increased investment from French companies is expected to create jobs, boost economic growth, and contribute to the development of key sectors in Uganda.