Prime Minister Robinah Nabbanja has hailed the working relations between Uganda and the government of Norway, saying the latter has been a steadfast partner in Uganda’s development journey.
This was during the signing of a Memorandum of Understanding between Uganda’s Ministry of Trade, Industry, and Cooperatives, and Innovation Norway which marked a major step forward in Uganda’s efforts to promote trade, investment, and cooperation.
“Through this MoU, we will collaborate to drive economic growth and development. Our focus on data innovation will enhance data-driven decision-making for cooperative societies, improving their efficiency and competitiveness,” she said in her speech presented by the third deputy prime minister Lukia Nakadama.
The premier said with Uganda’s cooperative sector contributing significantly to the country’s GDP – approximately 33% – and providing employment opportunities for 1.5 million Ugandans, this partnership will have a profound impact.
“The introduction of Norwegian technology will boost Uganda’s industrialization, job creation, and economic diversification.
Research indicates that every dollar invested in technology generates a return of $2.50 in economic growth. We expect this partnership to create over 10,000 jobs in the next three years and increase Uganda’s export earnings by 20%.”
According to Nabbanja, the Norway and Uganda collaboration will be comprehensive, encompassing data innovation to digitalize Saccos economies, technology innovation to promote the exchange of information and knowledge management, dialogue through workshops and social media engagement, research and development to digitalize the informal economy, and capacity building to train and build skills for cooperative society members.
In implementing these initiatives, the Ministry of Trade, Industry, and Cooperatives will work closely with Innovation Norway to promote data-driven innovation, support Norwegian technology companies, and facilitate workshops.
On their end, Innovation Norway will introduce and support Norwegian technology companies, engage in marketing and workshop activities, and contribute financially to joint initiatives.
This partnership will also prioritize capacity building, training, and skill development for cooperative society members, entrepreneurs, and small-scale enterprises, recognizing that every dollar invested in capacity building generates a return of $4 in economic growth.
Given that 70% of Uganda’s population engages in informal economic activities, our collaboration in research and development will have far-reaching benefits.
“To ensure the success of this partnership, we will work closely with all stakeholders. I urge cooperative societies, entrepreneurs, and small-scale enterprises to seize this opportunity to grow and develop. Together, we will harness the potential of our cooperative sector to drive economic growth and development,” Nabbanja said.
She added: “As we sign this Memorandum of Understanding with Innovation Norway, we reaffirm our commitment to deepening our cooperation. We look forward to exploring new avenues for collaboration and mutual growth.”
In his remarks, Espen Kvelland, Wakandi Group Chief Executive Officer , said he could not be more proud of what the two countries have achieved together. And together we have done this.
“We have been engaging with several organisations and their continued guidance is of the essence to us to succeed. A big thank you to Bank of Uganda and the licensing process we have been through, our banking partners, mobile money partners, and insurance partners at Innovation Norway for their unwavering support,” he said.
He thanked the investors that always keep believing in what Wakandi does and its dedicated staff that make their dream possible.
“Our staff is local. Even if Wakandi Uganda has Norwegian owners the company is fully operated by local staff. Today, I invite you all to be a part of that growth story as we write the next chapters in our journey,” he said.
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