Report on Uganda DR Congo Business Summit 29th May to 8th June 2022 Kinshasa Goma
PRESENTED AT PRESS BUSINESS BRIEFING SESSION ON UGANDA/ DRC TRADE MISSION & NEXT STEPS SERENA HOTEL
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EVOLEN is an Association that brings together companies of all sizes, research institutes, training providers, institutional players, as well as professionals and experts who enable the energy industry to thrive in France and abroad. Members of the Association offer: knowledge of subsoils, the environment and related services, engineering and integration of major projects, design, construction, commissioning, operation and maintenance of energy infrastructures, equipment and technologies, support services such as shipping, logistics, technical advice and assistance, inspection and certification, health, safety and security.
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Work on the ground has commenced and is
continuing.
The developments above are a vote of confidence in the profitability of the sector. In addition, at a regional level, the entrance of the Democratic Republic of Congo into the East African Community widens the scope of the regional market for Uganda’s oil products.
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In fulfilment of Article 155(1) of the Constitution, The Minister of Finance, Planning and Economic Development is delegated by His Excellency the President to present to Parliament, the Budget for the Financial Year 2022/2023.
The speech statement highlights the Budget as approved by Parliament on the 20th of May 2022.
The Government’s overriding goal is to achieve socio-economic transformation for the benefit of all Ugandans and thus improve their lives. We must therefore quickly accelerate the economic recovery that we began in Financial Year 2021/2022, integrate more Ugandans into the money economy, and speed up growth in the country’s productive sectors.
5. Madam Speaker, the theme of the Budget for Financial Year 2022/2023 is therefore “Full Monetisation of Uganda’s Economy through Commercial Agriculture, Industrialisation, Expanding and Broadening Services, Digital Transformation and Market Access”. This theme summarizes our Budget Strategy and the priorities that will later be elaborated.
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As Ugandan companies gear up for the opportunities born of the recent official sign off of the Final Investment Decision (FID) of the Oil & Gas sector, a few questions linger. Are they prepared? Are they financially able? Are they aware of the risks involved? Are they insured?
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This report has been prepared at the request of the Multi-Stakeholder Group (MSG) in charge of the implementation of the Extractive Industries Transparency Initiative in UGANDA (UGEITI). The opinions expressed in the report are those of the Independent Administrator and do not reflect the official opinion of the UGEITI MSG. This report has been prepared exclusively for use by UGEITI and must not be used by other parties, nor for any purposes other than those for which it is intended.
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During the 8th annual Oil and gas Convention, it was proposed that UCMP puts together a round-table discussion with the relevant authorities, stakeholders and the contractors, to directly present these issues and seek attention and redress from the policy and regulatory authorities.
Against the above background, the Uganda Chamber of Mines and Petroleum in partnership with Stanbic Bank Uganda organized the Oil and Gas Tax Dialogue 2022 held 30th May 2022 from 9:30 am to 1:00pm at The Sheraton Hotel Kampala.
The theme of the dialogue was “Value Retention Through an Enabling Tax Regime for Oil and Gas Development.”
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The announcement of the Final Investment
Decision (FID) for Uganda’s Oil and Gas Projects
could not have come at a better time. As
Uganda’s economy fully opens, the announcement
brings a lot of anticipation from within and outside the country on the opportunities and the impact of the sector. This anticipation must be matched with preparation.
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