Uganda, Norway strengthen ties to boost economic growth
The Head of Innovation Norway, Heidi M. Dahl signing the MOU with Ministry of Trade, Industry and Cooperatives as represented by their Permanent Secretary Ms Lynette Bagonza (left) as a pact to grow Uganda as a nation and also fuel the ideas incubated by Norway. Photo / Courtesy
What you need to know:
The partnership is expected to create over 10,000 jobs in the next three years and increase Uganda's export earnings by 20 per cent.
With 70 per cent of Uganda's population engaging in informal economic activities, this collaboration is poised to have far-reaching benefits.
As Ugand
Uganda's Prime Minister, Robinah Nabbanja, has hailed the working relations between Uganda and Norway, acknowledging Norway's steadfast partnership in Uganda's development journey.
This sentiment was echoed during the signing of a Memorandum of Understanding (MoU) between Uganda's Ministry of Trade, Industry, and Cooperatives and Innovation Norway.
"The partnership will drive economic growth and development," Nabbanja stated. "Our focus on data innovation will enhance data-driven decision-making for cooperative societies, improving their efficiency and competitiveness."
The cooperative sector contributes significantly to Uganda's GDP, approximately 33 per cent, and provides employment opportunities for 1.5 million Ugandans.
"The introduction of Norwegian technology will boost Uganda's industrialization, job creation, and economic diversification," Nabbanja noted. Research indicates that every dollar invested in technology generates a return of $2.50 in economic growth.
Innovation Norway will introduce and support Norwegian technology companies, engage in marketing and workshop activities, and contribute financially to joint initiatives.
The partnership prioritizes capacity building, recognizing that every dollar invested generates a return of $4 in economic growth.
Nabbanja urged cooperative societies, entrepreneurs, and small-scale enterprises to seize this opportunity. "Together, we will harness the potential of our cooperative sector to drive economic growth and development."
Espen Kvelland, CEO of Wakandi Group, a Norwegian company, expressed pride in the achievements of the two countries.
"We have been engaging with several organizations, and their guidance is essential to our success."
He thanked Bank of Uganda, licensing partners, banking partners, mobile money partners, and insurance partners at Innovation Norway for their unwavering support.
The partnership is expected to create over 10,000 jobs in the next three years and increase Uganda's export earnings by 20 per cent.
With 70 per cent of Uganda's population engaging in informal economic activities, this collaboration is poised to have far-reaching benefits.
As Uganda and Norway strengthen their ties, the focus on innovation, technology, and capacity building sets the stage for transformative economic growth and development.
