Bioeconomy is a new wave of economic development and a crucial element of circular economy that permits reuse and recycling of resources including waste. The crosscutting and multi-facetted nature of Bioeconomy offers a unique opportunity to comprehensively address inter-connected societal challenges such as: food and nutrition security; health; natural resource depletion; fossil resource dependence and climate change while achieving sustainable development. Bioeconomy can also serve as a nexus between indigenous knowledge and modern biomass processing technologies for producing bio-based products and adding value to bio-resources. It therefore plays a fundamental role in transiting from biological resource-based dependence to knowledge-based development for socio-economic transformation and shared prosperity. It thus has the potential to modernize and correct market failures in the traditional economic sectors that depend on biological resources in Uganda.