UAE, Uganda Strengthen Business Relations

The United Arab Emirates (UAE) through its Sharjah Chamber of Commerce and Industry (SCCI) on Thursday organised a trade and business forum in Uganda aimed at strengthening the relationship between UAE and the Uganda

The forum held at Sheraton Hotel attracted over 22 companies from UAE that came to look for trade and investment opportunities in Uganda and a number of Uganda businesses that hoped to attract business partnerships and opportunities

UAE is among the top investors in Uganda coming fourth after China, Lebanon and India. It is also among the top export destinations for Ugandan products like minerals and fresh organic foods

According to Statistics from Bank of Uganda, exports to the United Arab Emirates reached $528.3 million for the six months between April and September 2019

Speaking at the Forum, Alex Onzima, the Minister of State in the Office of the Vice President said the relationship between UAE and Uganda has largely improved due to improved trade exchange as well as the largely productive external labour export of Ugandans to the EAU

“In 2018, Uganda exported goods worth $784m. Also the revenue from foreign remittances from the external labour is helping in improving Uganda’s economy,” Min Onzima said

Speaking during the business forum, HE Abdullah Sultan Al Owais, said Africa has proved to be a good investment destination with a lot of under discovered potential.

“Our mission to Uganda is as result our on-going visits to the African continent as part of the Sharjah Chamber’s endeavours to reinforce its presence in the emerging African markets and to step up the volume of commercial, economic, and investment cooperation.” he said

He added that the Sharjah Chamber pays great attention to advancing economic cooperation relations and opening new prospects between businessmen and companies in the Emirate of Sharjah and Uganda.

“At present, the UAE comes third among Uganda’s exporting countries with a value of US $ 1.270 billion, while Ugandan exports to the UAE amounted to the US $ 428 million. This reflects the efforts exerted to bolster this economic trend and trade openness between the two sides by encouraging investment in both countries,” he added.

However, there are many other untapped areas Ugandan businesses can exploit in this $184 billion market.

In 2018, the top three countries exporting goods and services to Uganda were China ($1 billion), India ($743 million), and The United Arab Emirates ($644 million).

Olive Kigongo,  the President Uganda Chambers of Commerce and Industry said the forum was important for Uganda and would act as a platform to exchange ideas, connect with new business partners and strength cooperation between UAE and Uganda private sector businesses.

“I encourage the UAE businesses to come and invest in Uganda and take advantage of our substantial and rapidly growing consumer market which is northwards of 43 million people. There are many investment opportunities in mining, value addition, commercial agriculture, industrialization, health, education and many other sectors. There also very many Ugandan businesses that ready to partner and work with you,” she said.