Remarks by DCM

REMARKS BY CHARGE D'AFFAIRES VIRGINIA BLASER

Global Economic Statecraft Day
Uganda Investment Authority Presentation for American Chamber of Commerce
Time; 6:30 pm Thursday, June 14, 2012

Representatives of the Government of Uganda here present,
Tom Buringuriza, Acting Executive Director of the Uganda Investment Authority,
Kelley Mactavish, President of the American Chamber of Commerce,
Ladies and gentlemen,
All protocols observed,

Good evening.

Welcome to tonight’s American Chamber of Commerce investment session. As you may know, Secretary of State Hillary Clinton designated today, June 14, as Global Economic Statecraft Day.  In recognition of this, U.S. Embassies around the world are holding events to promote economic engagement and support U.S. companies abroad.  I am pleased to join the American Chamber of Commerce in co-hosting tonight’s presentation by the Uganda Investment Authority about investment opportunities here in Uganda.

 It is wonderful to see so many familiar faces here tonight, so many members of the American Chamber of Commerce.  More and more U.S. companies are deciding to come to Uganda - companies like Haliburton, Hewlett-Packard, American Tower Corporation, and Google, just to name a few. Welcome to you all.  If you have not already, I hope you will all join the Chamber and become active members of our dynamic business community.  I believe that the American Chamber of Commerce is and will continue to be a force for positive change in Uganda - an incubator of new solutions and ideas, a source of new partnerships, and an advocate for improving Uganda’s business climate. 

With the discovery of huge reserves of oil and gas throughout East Africa and the region’s ongoing integration into a market of 130 million consumers, East Africa holds tremendous promise for U.S. investors and  the United States is currently negotiating a new trade and investment partnership with the East African Community to deepen our economic ties with the region.  The U.S. is also supporting initiatives to increase investment in African infrastructure, and infrastructure development is the theme of this year’s AGOA Forum, which Secretary Clinton will open today in Washington DC.  Foreign investment and public-private partnerships will be key to closing the infrastructure gap in East Africa, and with an estimated $10 billion in infrastructure development needed to prepare Uganda for commercial oil production in 2017, opportunities for investment right here in Uganda are enormous. 

Uganda worked recently to improve its investment climate.  The Uganda Investment Authority has taken measures to streamline bureaucracy, create incentives, and improve efficiency.  But there’s still a long way to go, and I know that American Chamber of Commerce members, business leaders, and UIA representatives gathered here tonight are as dedicated as the U.S. Mission to improving Uganda’s ability to attract foreign and U.S. investment.

Thank you.