Economic and Commercial Diplomacy Strategy Launched

The Permanent Secretary and Secretary to the Treasury (PSST), Ramathan Ggoobi joined the Ministry of Foreign Affairs at the Ambassadors’ Conference in Gulu City to give an Overview of Government of Uganda’s development Agenda: The Tenfold Growth Strategy and also participate in the launch of the Economic and Commercial Diplomacy (ECD) Strategy.

The Strategy for Economic and Commercial Diplomacy (ECD) provides the essential blueprint for coordinating and engaging strategically with the global economy to expand market access and penetration for Uganda’s goods and services, attract transformative investments in key growth sectors, and harness international partnerships for sustainable development.

The success of this Strategy hinges on coordination and a whole of government approach. It’s a collective national endeavor and expected to contribute directly to the Tenfold Growth Strategy.

At the conference the PSST informed the Ambassadors about the renewed healthy relationship with the IMF and the World Bank. He said Uganda is currently negotiating a new Extended Credit Facility (ECF) Program with the IMF which is expected to be presented to the IMF Board after the general elections early next year 2026.

“Our relationship with the World Bank is now fully restored. We have presented new projects to the Board. The Bank has allocated more concessional financing for a number of transformative projects,” said Ggoobi.

The PSST called upon Missions Abroad to concentrate their efforts on three deliverables:  Investments – Foreign Direct Investments and diaspora remittances, Export markets and Tourists.

“Tell everyone who cares to listen that apart from the gifts of nature, Uganda offers peace, easy taxes, and a tolerable administration of justice,” said Ggoobi.

He said Uganda is the best destination because if offers a high return on Investment – 14% average and a high return on equity – 30% average for listed companies. He also noted the stable and well managed macroeconomy.

“Government is pro-private sector. We provide generous incentives and the legal/regulatory frameworks have been strengthened,” said the PSST adding that the Company Act has been amended to enhance corporate governance.

He also highlighted the easy access to EAC, COMESA and AfCFTA markets with a combined population of a billion people, and a GDP of about USD 3 trillion.

Regarding the Economy, Ggoobi said Uganda’s economy is getting more complex than expected for its income level. He said the Growth Lab at Harvard University projects that Uganda’s economy is going to grow more rapidly during the decade to 2035, than any other of the 145 countries they track.

Ambassador Charles Ssentongo thanked the Finance Ministry for empowering Missions to align with the Tenfold Growth Strategy.