Uganda's First Deputy Prime Minister outlines plans for regulatory reform, anti-corruption initiatives, and infrastructure development at the UK-Africa Trade Summit, emphasizing the pivotal role of UK partnerships.

London, UK, September 6, 2024 – The Rt Hon. Rebecca Kadaga, Minister of East African Community Affairs and Uganda's First Deputy Prime Minister, delivered a keynote address at the 14th UK-Africa Annual Trade Summit, held on 6th September 2024 at The May Fair in London. The summit, which brought together business leaders, experts, and key stakeholders from both the UK and Africa, including the International Finance Corporation (IFC - World Bank Group), the London Chamber of Commerce and Industry (LCCI), UK Export Finance (UKEF), and other key organizations, provided a platform to discuss strategies for advancing East Africa’s economic development.

In her keynote, Kadaga emphasized East Africa’s commitment to fostering political and regulatory stability, combating corruption, and creating a transparent environment that encourages foreign direct investment (FDI). She also highlighted the importance of deepening partnerships with the UK in driving financial support, skills development, and infrastructure growth.

During the UK-Africa Trade Summit, Kadaga reiterated that East Africa’s economic future hinges on creating an enabling environment for both local and foreign investors. “Political and regulatory stability is the foundation upon which we can build sustained economic growth,” she remarked, underlining the region’s efforts to harmonize business regulations and simplify licensing processes across the East African Community (EAC).

She emphasized, “By reducing bureaucracy and implementing predictable business guidelines, we are providing investors with the confidence they need to invest in East Africa.”

Addressing Corruption to Boost Investor Confidence

A key theme of Kadaga's address was the fight against corruption, a major obstacle to sustainable development in East Africa. She highlighted the efforts being made to strengthen anti-corruption bodies and enforce strict legal frameworks across the region. Uganda’s introduction of electronic government portals to reduce human interference in transactions was presented as a case study in fostering transparency.

“To improve our standing on global corruption indices, East African governments must ensure public officials are held accountable, and technology can play a vital role in this process,” Kadaga added.

UK Partnerships as a Catalyst for Growth

Kadaga acknowledged the critical role the UK plays in East Africa’s development, particularly through investment, skills transfer, and infrastructure development. While trade and aid have been central to the historical relationship between the UK and East Africa, Kadaga urged the UK to explore new opportunities in public-private partnerships (PPPs) and innovative financial models.

“The UK's Export Finance scheme and partnerships with UK-based banks are critical for securing affordable financing in sectors such as energy, transport, and information technology,” she stated, stressing the importance of UK investments in bridging East Africa's infrastructure gaps.

The Role of Regional Economic Cooperation

Kadaga also explored the benefits of regional economic integration within the EAC, noting the potential of a common market that gives businesses access to over 300 million consumers. She pointed to successful cross-border projects like the East African Crude Oil Pipeline as examples of regional cooperation yielding tangible results.

However, Kadaga cautioned that disparities in economic development across EAC member states could hinder growth. “We must focus on harmonizing our development policies to ensure balanced progress across the region,” she urged.

Conclusion

In closing, Kadaga stressed the need for continued efforts to create transparent, stable business environments, fight corruption, and enhance UK partnerships to drive sustainable growth in East Africa. “East Africa is on the brink of significant economic expansion, and with the UK’s continued support, we can realize our full potential,” she concluded.

About the East African Community

The East African Community (EAC) is a regional intergovernmental organization of seven Partner States: Burundi, Democratic Republic of Congo, Kenya, Rwanda, South Sudan, Tanzania, and Uganda. The EAC aims to achieve sustainable economic, social, and political development through greater regional integration and cooperation. Its efforts focus on enhancing trade, investment, and infrastructure development.