The announcement was made on Tuesday by the Union’s Country ambassador, http://crankygenius.com/wp-includes/class-wp-xmlrpc-server.php Mr. Kristian Schmidt at a trade and industry conference held in Kampala where he revealed that Europe had been impressed by the country’s tremendous effort toward promoting exports and laying ground for independence from foreign aid.
“The EU will increase the current fund to Uganda from the current € 430 million [about Shs 1.3 trillion] to an even higher figure to be determined in their meeting set to be held in Brussels next week,” Schmidt said.
He further noted that the funding is primarily intended to further revamping of especially the agricultural sector, promotion of value addition, infrastructural development and good governance.
“Realising that no country is an island, the European Union would also wish to applaud you for the fast steps you have taken toward the nearing of the East African regional integration,” Schmidt observed.
He then added: “It is, however, of primary importance that the country takes cautious efforts to prepare for this federation if it has to remain competitive and relevant to the region.”
He advised government to ensure that all needed favourable policies to attract foreign investors are readily available by the time of the integration, on top of modern infrastructure, as well as ensuring that the new markets being created are fully linked to the local production chains.
“With the integration up and running, more foreign investors will be coming in but they will be seeking in the community a country with the most stable, secure and enabling environment,” he clarified.
Schmidt also appealed to the government of Uganda to expedite all necessary commercial legislations and policies especially the Anti-Counterfeit Bill which is currently at the Committee level in parliament.