Summary
- The French Chambre of Commerce Uganda (FCCU) was officially launched in Kampala, marking the first Chamber of Commerce from an EU member country in Uganda. The launch highlighted French companies’ significant contributions to Uganda’s economy and outlined plans for over $4 billion in investments over the next three years
Kampala, Uganda – The French Chambre of Commerce Uganda (FCCU) was officially launched on Wednesday, marking a historic milestone as the first-ever Chamber of Commerce from a European Union member country in Uganda. Held at the French Residence in Kampala, the launch underscored the critical role of French companies in Uganda’s economy and outlined ambitious investment plans totaling over $4 billion in the next three years.
At the press conference, French Ambassador to Uganda, Xavier Sticker, highlighted the strengthening economic ties between France and Uganda. “French companies have shown a steadfast commitment to Uganda’s economic growth and development. The establishment of the FCCU is a testament to our dedication to fostering deeper and more robust bilateral economic relations,” Ambassador Sticker remarked.
The event focused on two main points: presenting a detailed report on the impact of French companies in Uganda and formalizing the creation of the FCCU. The report, developed by the Uganda Foreign Trade Advisors (CCEF) section and the Economic Department of the Embassy of France, showcased several key achievements:
Leading Investors: French companies are now the largest investors in Uganda. From just nine companies in 2010, the number has grown to 40 in 2023. These companies generated sales of $875 million and employed over 3,000 Ugandans last year, with women comprising 30% of the workforce. French investments doubled between 2022 and 2023, reaching $1.6 billion and accounting for 53% of Uganda’s foreign direct investment (FDI) inflows.
Economic Transition: French firms are significantly contributing to Uganda’s economic transition, being active in sectors such as agriculture, energy, distribution, digital technologies, electric mobility, logistics, and transport. Notably, three French companies own 25% of Uganda’s solar power capacity, providing green electricity to over 120,000 homes.
Human Capital Investment: In 2023 alone, French companies offered more than 46,000 hours of training to their employees and funded study grants to help young Ugandans complete their academic studies and enhance their skills.
Ambassador Sticker emphasized the broader implications of these investments. “The FCCU will not only promote economic relations but also pave the way for sustainable and inclusive growth. Our goal is to support Uganda’s journey towards modernization and prosperity, ensuring that our investments benefit all segments of society,” he said.
With 63 members, including both French and Ugandan companies, the FCCU aims to foster partnerships and provide various services to strengthen economic ties. The integration of the Kampala Business Club into the international network of Chambers of Commerce and Industry (CCI) further solidifies this initiative. This decision, approved by the CCI’s General Assembly on June 25, 2024, marks a significant milestone in the economic cooperation between France and Uganda.
