Uganda Set To Sign New Trade Agreements With United Arab Emirates

Posted by: lukwago J in Business October 22, 2020

In a bid to attract more Foreign Direct Investment into the market, government is considering singing new trade agreements with United Arab Emirates.

Government is also considering organizing more trade exhibitions abroad to promote Uganda. The permanent Secretary Ministry of Foreign Affairs Ambassador Patrick Mugoya has revealed.

“The existing relationship between Uganda and the United Arab Emirates is very cordial. The evidence of this is the signing of several agreements and others being negotiated with the UAE,”Mugoya said.

“The Ministry has been coordinating preparatory activities with relevant stakeholders in Uganda and the Mission in Abu Dhabi. Uganda expects participation in this Expo to promote Uganda’s products, culture and diversity to the entire world,”Mugoya said.

He further explained that Commercial and Economic Diplomacy is one of the core functions of Ministry of Foreign Affairs. Missions will implement this function. As of to date, the Ministry is funding eight pilot Missions to implement Commercial and Economic Diplomacy and Abu Dhabi Mission is one of them.

“Commercial and Economic Diplomacy enables the Ministry to contribute to the realization of the government’s focus on attracting Foreign Direct Investment, attracting trade and tourism to Uganda,” he stressed.

United Arab Emirates, Dubai World Expo 2020;

It is important to note that before the global pandemic of Covid-19, United Arab Emirates (UAE) was a lead destination for Uganda’s exports, with values increasing from $35 million in 2014 to USD$900 million in 2019 (UBOS statistics 2019). Uganda is also preparing to participate in the Dubai World Expo 2020.

Exports from Uganda including fruits, vegetables, fish, coffee, tea, spices and cocoa were on the increase. However, there is also a notable decrease due to the impact of Covid-19 pandemic.

However, not all is dim as big agro processing companies from UAE are beginning to set up shop in Uganda. Al no Wais is setting a $300M solar energy plant in the West Nile and Karamoja regions of Uganda. Uganda also expects these investments to increase exports from Uganda to the UAE in the medium term.

It is for these reasons amongst others that the Embassy organized this Convention through its Commercial and Economic Diplomacy Program.

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