Uganda and Norway have reinforced their longstanding partnership with the signing of a Memorandum of Understanding (MoU) to foster trade, innovation, and economic development. The agreement, formalized last week at Kampala Serena Hotel, marks a significant step in Uganda’s efforts to attract investment and drive sustainable economic growth.
The MoU was signed between Uganda’s Ministry of Trade, Industry, and Cooperatives and Innovation Norway. Prime Minister Robinah Nabbanja, represented by Third Deputy Prime Minister Lukia Nakadama, commended Norway’s consistent support for Uganda’s development, emphasizing the potential of the partnership to stimulate economic progress.
“Through this MoU, we will collaborate to drive economic growth and development,” Nabbanja stated. “Our focus on data innovation will enhance decision-making for cooperative societies, improving their efficiency and competitiveness.”
With Uganda’s cooperative sector contributing approximately 33% to the country’s GDP and employing around 1.5 million people, Nabbanja highlighted the anticipated benefits of introducing Norwegian technology. “The introduction of Norwegian technology will boost Uganda’s industrialization, job creation, and economic diversification. Every dollar invested in technology can generate 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%.”
The partnership will cover various areas, including data innovation to digitalize Savings and Credit Cooperative Organizations (SACCOs), technology exchange for enhanced knowledge management, workshops, research, and capacity building to equip cooperative members with critical skills.
Innovation Norway will play a central role in introducing Norwegian technology companies to Uganda, facilitating workshops, and financially supporting joint initiatives. Uganda’s Ministry of Trade will work closely with Innovation Norway to drive data-driven innovation and build capacity within cooperative societies.
Recognizing that Uganda’s informal sector accounts for 70% of the economy, Nabbanja underscored the importance of research and development in improving this sector. “To ensure the success of this partnership, we will engage all stakeholders, especially cooperative societies, entrepreneurs, and small-scale enterprises. Together, we will harness the potential of our cooperative sector to drive economic growth and development.”
“As we sign this MoU with Innovation Norway, we reaffirm our commitment to deepening cooperation and exploring new avenues for mutual growth,” she added.
Espen Kvelland, CEO of Wakandi Group, expressed pride in the collaboration between Uganda and Norway. “We have been working closely with several organizations, and their guidance is invaluable to our success. A big thank you to the Bank of Uganda, our banking partners, mobile money partners, and insurance partners at Innovation Norway for their unwavering support.”
Kvelland also acknowledged Wakandi’s local staff, who play a crucial role in the company’s success despite its Norwegian ownership. He invited Ugandans to join the journey, emphasizing Wakandi’s commitment to Uganda’s growth.
