Overview:

The minister stated that this growth dialogue would strengthen the ties between the two countries and leverage Uganda's robust GDP growth trajectory (projected at 6% in 2024) — expected to rise to 10.8% with the onset of oil production.

Finance Minister Matia Kasaija has on behalf of the Government of Uganda signed the terms of reference for a dialogue with the United Kingdom’s Under Secretary of State in the Foreign, Commonwealth, and Development Office, Lord Collins.

The minister stated that this growth dialogue would strengthen the ties between the two countries and leverage Uganda’s robust GDP growth trajectory (projected at 6% in 2024) — expected to rise to 10.8% with the onset of oil production.

“This synergy aligns perfectly with our goals for economic and commercial diplomacy: to grow exports, attract tourists, and boost private investment flows,” said Kasaija.

He also invited UK firms to invest across Uganda’s ATMS (Agriculture, Tourism, Manufacturing, and Services sectors) in ways that will improve the economic complexity of the country’s exports.

The signing ceremony was witnessed by PSST Ramathan Ggoobi, UK High Commissioner to Uganda Lisa Chesney, Uganda’s High Commissioner to the UK Nimisha Madhvani, and other officials from both governments.

Lord Collins, in his remarks, highlighted that inclusive economic growth is a shared priority for both countries and commended the longstanding partnership between Uganda and the UK.

According to the terms of reference, Uganda’s 10-fold growth strategy — focused on raising foreign direct investment, driving greater value addition, and boosting exports — will create opportunities for stronger trade, investment, and people-to-people links between the two countries.

Today’s dialogue was the first in a series of meetings planned to promote the 10-fold growth agenda, which is centered on ATMS.

Between 2019 and 2022, the UK was Uganda’s second-largest source of investment after the Netherlands, with an average annual foreign direct investment inflow of USD 685 million and a cumulative stock of USD 3.0 billion by 2023.

The launch of direct flights to London by Uganda Airlines is expected to be a game-changer, boosting trade flows and tourism arrivals.