Uganda has long been known for its natural endowments, abundant wildlife, and culture. The country which was termed the pearl of Africa is home to an emerging economy offering private sector players and investors opportunities to invest in green industrial zones.
As part of the Vision 2040 and in line with Agenda 2030, government in 2017 launched the Uganda Green Growth Development Strategy (UGGDS), which provided a road map for the sustainable economic growth. UGGDS was developed to operationalize the broad green growth tenets highlighted in Agenda 2030 and Uganda Vision 2040 to support the country’s accelerated transition to middle-income status.
These Green Economic Zones (GEZ) offer private sector investors a unique opportunity to invest in sectors such as renewable energy, sustainable agriculture, eco-tourism, and sustainable industrial practices. In addition, the government has finalized guidelines for operationalizing the green zones and has set up a conducive environment for the private sector.
However, the private sector still faces technical and financing hurdles when it comes to investing in these zones. To help address these challenges, the government and key stakeholders in the private sector will come together to deliver practical guidance on the investment opportunity afforded by GEZs.
Speaking ahead of the 5th Economic Mkutano, David Bikhado Ofungi, The Curator of the Economic Mkutano said, “This edition of the Economic Mkutano which was postponed from November 2022 because of the ebola outbrake, centres around unlocking the green economic zone opportunity for the private sector.”
Adding; “The program is designed around implementable learnings that speak directly to investment opportunities that local investors can pivot into from a project development perspective. This means that property developers focused on the retail, housing and office spaces will leave with an idea of what a pivot to developing economic zones looks like”
Emphasis will be placed on delivering practical guidance and getting consensus on key areas including: technical and financing considerations for the private sector vis-à-vis green industrial zones. Investment in EIPs – opportunities for the private sector with showcase of regional successes, financial instruments to de-risk projects, high level reflection panel covering local government, academia, policy and the environment and next steps including a provision for 3 follow-up dialogue sessions with a focus on getting at least one transaction done.
Uganda’s emerging green economy presents exciting opportunities for the private sector to invest in sustainable growth. With the government and key stakeholders offering practical guidance and support, the time has never been better to unlock the potential of green economic zones in Uganda.
The one day gathering will be held at Mestil Hotel on the 23rd of Feburary 2023 and has been organized with support from Government of Uganda – Ministry Of Trade, Industry and Cooperatives, GATSBY AFRICA, the International Finance Corporation (IFC), Mastercard Foundation, The United Nations Capital Development Fund (UNCDF), the European Union, the Private Sector Foundation of Uganda (PSFU), NSSF, Stanbic Bank, Uganda Bankers’ Association (UBA), UFZA (Uganda Freezones Authority), and the UNCCI (Uganda National Chamber of Commerce and Industry).
