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PM Nabbanja, Lord Popat, PS Ggoobi, Rajiv To Speak At UK-Uganda Summit

PM Nabbanja, Lord Popat, PS Ggoobi, Rajiv To Speak At UK-Uganda Summit

Prime Minister Robinah Nabbanja is set to speak at the virtual 11th UK-Uganda Trade and Investment Convention taking place today at 2:00pm local time.

The PM Nabbanja is expected to deliver a keynote address and is expected to speak alongside leading economists, diplomats, and business leaders.

Some of these include Lord Popat, the UK trade envoy to Uganda. The Permanent Secretary Ministry of Finance, Dr. Ramathan Ggoobi will also speak.

Other speakers will be Rajiv Ruparelia, Michael Mugabi from Housing Finance Bank. Anthony Kituuka, the Executive Director of Equity bank will also be there among other speakers.

The 11th UK-Uganda Trade and Investment Convention will focus on key sectors including Agribusiness, healthcare, Finance (Fintech) and Real estate.

The Ugandan economy is emerging from the devastating impact of the COVID-19 (coronavirus) health pandemic.

However, the increasing pressure on its natural resources undermines prospects for growth. This is according to the latest World Bank economic analysis for the country.

The 17th Uganda Economic Update (UEU), From Crisis to Green Resilient Growth: Investing in Sustainable Land Management and Climate-Smart Agriculture, says that the COVID-19 shock caused a sharp contraction of the economy to its slowest pace in three decades.

When they closed down firms and many people lost their jobs, particularly in the urban informal sector, household incomes drastically fell as well.

The country’s Gross Domestic Product contracted by 1.1 percent in 2020. They estimate that it recovered to 3.3 percent during the 2021 fiscal year.

The UEU also says that Uganda’s immediate priority remains to save lives. This is by intensifying measures to limit the spread of the coronavirus disease.

Yet, the report says sustaining recovery will require the government to manage emerging risks. These include from widening fiscal deficits, escalating costs for small businesses, and climate shocks and loss of its natural capital.

The significant shift of Ugandans to agriculture in response to the crisis has also heightened the urgency for the country to enhance sustainable use of natural resources

According to the report, land degradation, deforestation and climate risks contribute to the country’s economic vulnerabilities and poverty.

Annual decline in forest cover, by 2.6 percent, is one of the highest rates of forest loss globally and climate risks. This also includes slow onset change and extreme events that exacerbate this natural capital degradation.

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