Prime Minister Nabbanja, in her speech delivered by Nakadama, highlighted the importance of this collaboration, stating, “Through this MoU, we will collaborate to drive economic growth and development. Our focus on data innovation will enhance data-driven decision-making for cooperative societies, improving their efficiency and competitiveness”. This agreement comes at a crucial time, as Uganda’s cooperative sector contributes approximately 33% to the country’s GDP and provides employment for 1.5 million Ugandans.
The MoU outlines several key areas of cooperation:
- Data innovation to digitalize Saccos economies
- Technology innovation for information exchange
- Dialogue through workshops and social media engagement
- Research and development to digitalize the informal economy
- Capacity building for cooperative society members
Espen Kvelland, CEO of Wakandi Uganda, a Norwegian company, expressed pride in the achievements of both countries, emphasizing the importance of local involvement: “Our staff is local. Even if Wakandi Uganda has Norwegian owners, the company is fully operated by local staff”.This partnership is expected to create over 10,000 jobs in the next three years and increase Uganda’s export earnings by 20%, showcasing the potential for significant economic impact.