Mid-Year Review of Economic and Commercial Diplomacy Implementation

The Permanent Secretary and Secretary to the Treasury (PSST) Dr. Ramathan Ggoobi has said Missions abroad must demonstrate export facilitation and investment mobilisation to receive stronger budget support, adding that underperforming Missions will have to present recovery strategies to retain their budgets.

The PSST made the remarks while delivering a keynote address at the mid-year evaluation retreat on implementation of the Economic and Commercial Diplomacy (ECD) for Uganda Missions in Africa during a 3-day retreat at Bamburi Beach Hotel, Mombasa, Kenya.

Dr. Ggoobi said economic reporting must shift from activity reporting to outcome reporting, adding that public resources must buy measurable economic outcomes.

“Any form of rent-seeking in investor engagement undermines national competitiveness and will be dealt with decisively. Economic diplomacy requires credibility, credibility builds investment and investment builds growth," said the PSST

The PSST said Africa is integrating, competition is intensifying and opportunities are time-bound, adding that the question is no longer whether Uganda has potential, but if Uganda is moving faster than others.

He said Missions are expected to contribute to the expansion of Uganda’s export markets, attract investment into ATMS sectors, promote tourism inflows, facilitate technology partnerships and commercial intelligence gathering.

Ggoobi also said Uganda has committed itself to a bold national goal-to grow the economy tenfold by 2040, noting that, this requires sustained high growth, structural transformation, export expansion and technological upgrading.

He said Uganda Banker’s Association has so far committed to raise Shs 490 trillion (USD 134 billion) in the next 15 years to finance investors in the ATMS, adding that the World Bank and its private sector financing arm, the International Finance Corporation (IFC), have also committed to support Uganda’s Tenfold growth.

"The Bank has already availed over $2 billion of new money to finance ATMS and enablers. IFC has also committed to provide patient capital to private sector investors in agro-industry, minerals, STI and renewable energy," said Ggoobi.

The Permanent Secretary Ministry of Foreign Affairs, Bagiire Vincent Waiswa also reaffirmed Government’s support to Uganda’s Missions in advancing Economic and Commercial Diplomacy.