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CSPOC, NAM & G77 Summits in the eyes of economist, Prof. Augustus Nuwagaba

By Sam Mawanda

From 3rd to 6th January 2024, Uganda successfully hosted the Speakers and Presiding Officers Conference (CSPOC) at Speke Resort. The country will also host the forthcoming Non-Aligned Movement and G77 Plus China Conferences. The NAM Summit will be held in Kampala from January 15, 2024 to January 20, 2023. It will be attended by over 10,000 delegates and 50 Heads of State. 

G77-Summit, on the other hand, will be held at the Speke Resory in Munyonyo between January 20, 2024 and January 23, 2024.

According to veteran economist, Prof. Augustus Nuwagaba, “all these international conferences play a vital role in fostering global collaboration, knowledge, and economic growth.”

The benefits

Prof. Nuwagaba, an International Consultant On Economic Transformation, says the benefits are in the areas of FID, tourism revenue and enhanced global visibility among others.

1.Foreign Direct Investment (FDI)

Prof. Nuwagaba says that hosting international conferences attract diverse groups of participants, including business leaders and investors. 

“This influx of influential individuals creates opportunities for networking and establishing business partnerships. We can leverage these interactions to attract foreign direct investment, leading to the infusion of capital into the economy and the creation of new job opportunities,” says Prof. Nuwagaba.

2.Tourism Revenue

According to Prof. Nuwagaba, international conferences draw participants from around the world, contributing significantly to the tourism sector. 

“Delegates, speakers, and attendees often explore the host country, leading to increased demand for hospitality services, and local attractions,” adds Prof. Nuwagaba.

3.Enhanced Global Visibility

Prof. Nuwagaba explains that hosting international conferences provides a unique opportunity for Uganda to enhance its global visibility. He adds that the positive exposure generated by such events can attract the attention of international media, potential investors, and business leaders.

4.Multiplier Effect on the Economy

“The economic impact of hosting international conferences extends beyond the immediate gains. The multiplier effect comes into play, as the initial spending by conference participants circulates through the economy, creating a ripple effect. This stimulates growth in various sectors, including retail, transportation, and services, contributing to sustained economic development,” says Prof. Nuwagaba.

By strategically positioning itself as a host for international conferences, Prof. Nuwagaba says Uganda can capitalize on these opportunities to propel its economic growth and emerge as a key player in the global arena.

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