Foreign Affairs Ministry, Stanbic Bank Partner to Boost Commercial Diplomacy Efforts

Pamela Amia, chimpreports.com

Image from article, with caption: Bank CEO, Mweheire with MoFA Permanent Secretary, Amb. Patrick Mugoya

Ministry of Foreign Affairs (MoFA) has partnered with Stanbic Bank in investment promotion and image building activities, all aimed at boosting commercial and public diplomacy

MoFA Permanent Secretary, Amb. Patrick Mugoya and Stanbic Bank CEO Mr Patrick Mweheire agreed to forge a partnership in the areas of Commercial Diplomacy and Public Diplomacy.

The two both met at MoFA head offices in Kampala.

The meeting which followed a courtesy call to the MoFA by Stanbic Africa Head of Advocacy and Risk in October 2016 focused on various areas of interest including production of financial and promotional literature, Training of Commercial Attachés in financial literacy, Brand Promotion, image building, public outreach, marketing and production of relevant promotional materials.

Amb Mugoya revealed that the Ministry of Foreign Affairs would be unveiling a new and functional, rather than geographically-based Ministry of Foreign Affairs in 2017-2018.

These changes would include the introduction of several new Departments for Commercial and Public Diplomacy to deal with Investment Promotion, Marketing and Branding of Uganda as a positive investment destination, in partnership with other new strategic departments like Diaspora Services and Consular Services.

He stressed that going forward, the focus of the Ministry would be more on Missions delivering tangible benefits in terms of FDI.

Recalling ongoing debates about Brexit, Frexit and increasing protectionism policies in the international arena, the two discussed the direct relationship between regional and international foreign policy trends and trade growth.

Mr Mweheire said that Stanbic Bank’s desire to establish and build upon a relationship with MoFA was informed by the reality that for business in Uganda to thrive, both Government services and Banking services needed to be attractive, visible and efficient for mutual benefit. Information flow was crucial as well.

Encouraging Government Departments to appreciate the openness of work relationships, and the power of perception for potential investors, Mweheire stated that the private sector and government have traditionally worked in silos, which was a practice that needed to end.

Presenting Amb. Mugoya with copies of a Uganda Economic and Business Guide, developed with the Ministry, for use by Commercial Attaches. Mr Mweheire said that in promoting Uganda’s image as well as promoting investment in Uganda there was need for the private sector to engage with the Ministry and ensure that Uganda’s Missions abroad are made places of reliable information and furnished with high-standard and useful outreach and promotional materials which are attractive to potential investors.

“In partnering with MoFA”, he said, “Stanbic Bank is highly incentivized to bring more business to Uganda and stands ready to work with the MoFA to support the work which Missions are already doing”.

Amb. Mugoya thanked Stanbic bank for its forward-looking initiative and pledged a solid partnership as the Ministry begins its new Chapter.