Uganda, China discuss trade, investment opportunities

The Ugandan Embassy in Beijing together with  the Ministry of Foreign Affairs and the  China Africa Industrial Forum have organized a Uganda- China Trade and Investment webinar in which officials from both countries discussed trade and investment opportunities.

The meeting was also intended to highlight create awareness and generate interest among business enterprises in China to invest in Uganda and highlight products that Uganda can export to China.

Speaking during the meeting, Amb. Elly Kamahunge Kafeero, the acting Director of the Regional and International Economic Affairs at the Ministry of Foreign Affairs noted that Uganda enjoys strong ties with the people and government of China which he said is evident through the cooperation in various sectors including trade, industrial investments, infrastructure development and human capacity building among others.

He reiterated that China is the leading source country for investments into Uganda, a situation he said has been made possible through the various opportunities and incentives that Uganda offers in the various sectors.

Amb. Kamahunge noted that a number of Chinese companies are already involved in investments in different sectors of Uganda but urged them to take advantage of the already existing relationship between the two counties and explore tremendous investment opportunities and incentives in Uganda.

Uganda’s deputy Head of Mission Amb.Fred Mugisha noted that the meeting was aimed at exchanging information and understanding the investment environment.

“China's foreign direct investment in Uganda ranks highest and this is because Uganda is rich in natural resources, politically stable, and property security, good investment policies, and domestic and regional markets, friendly and enthusiastic people, good transportation and communication,” he said.

Cheng Zhigang, the Secretary General of the China Africa Industrial Cooperation and Development Forum, noted that relations between the two countries entered a fast lane of development, and fruitful cooperation has been achieved in bilateral and multilateral fields.

He noted that the China Africa Industrial Cooperation and Development Forum is willing to take the 60th anniversary of the establishment of diplomatic relations between the two countries as an opportunity to jointly promote China- Uganda friendly and cooperative relations to a new level.

Wang Chenxu, the First Secretary of Chinese Embassy in Uganda, noted that this year marks the 60th anniversary of the establishment of diplomatic relations between China and Uganda.

Relations

Over the past 60 years, China- Uganda’s economic and trade relations have made significant progress.

From January to August 2021, the bilateral trade volume increased by 26.2% year-on-year.

As Uganda's largest source of investment, China has helped Uganda overcome the economic challenges affected by the epidemic and achieve recovery and growth.

In the field of trade, China will open up a "green channel" for the export of African agricultural products to China, speed up the inspection and quarantine procedures, further expand the range of products enjoying zero tariff treatment in the underdeveloped countries with diplomatic relations with China, and strive to achieve a total import volume of 300 billion US dollars from Africa in the next three years.

Mr. Wang further informed of China’s provision $10 billion in trade financing to support African exports.

He noted that China will encourage the establishment of a China Africa private investment promotion platform to provide consultation, project cooperation, park development and operation, risk prevention and control, logistics and supply chain services for Chinese private investors in Africa.

“Make full use of platforms such as China International Investment and trade fair to better display the African market and promote Chinese enterprises' investment in Africa. China will support enterprises to implement railway, highway, port, airport, power and other projects in Africa to improve the infrastructure of the African continent,” he said.

Other guests included Martin Muhanji, the Deputy Director Investment Promotion at Uganda Investment Authority, Stephen Asiimwe CEO, Private Sector Foundation Uganda and Ms. Brenda Opus, Senior Export Marketing Executive, Uganda Export Promotions Board who highlighted Uganda's investment opportunities, incentives and policies in the different Sectors and products that Uganda imports and exports to China.

The Event is the first conference in a series of activities to be held this year as the two countries are celebrating 60 years Anniversary of the establishment of diplomatic relations between Uganda and China