Uganda is set to host a delegation of at least 22 top companies from the United Arab Emirates who will participate in the Trade and Investment forum on November 28th at Sheraton Hotel Kampala.
According to the organizers, Ugandan businesses will have the opportunity to interact with the UAE delegation as they seek to form synergies with their host counterparts on the backdrop of the growing business between the two countries.
The President of the Uganda chamber of Commerce, Mrs. Olive Kigongo, noted that Uganda – UAE Trade & Investment Forum presents varied business opportunities.
“According to a compilation by Bank of Uganda, exports to the United Arab Emirates reached $528.3 million for the six months between April and September 2019. This makes the UAE one of the top destinations for Uganda’s exports; including gold and fresh organic foods. However, there are many other untapped areas Ugandan businesses can exploit in this $184 billion market,” said Mrs. Kigongo.
The Sharjah Chamber of Commerce & Industry and Uganda chamber of commerce and Industry are organizing the forum to help businesses in the two countries find their product fit and encourage more investment and trade.
“In 2018, UAE investors brought in $55 million, making them Uganda’s fourth largest investors after the Chinese, Lebanese and Indians. This forum will provide business people from both sides a platform to discuss ways to diverse investments across a wider field and take advantage of Uganda’s relative political stability and various incentives.” said Mrs Kigongo.
On his part, H.E Abdallah Sultan Alowais, the Chairman Sharjah Chamber of Commerce & Industry said:
“Our hope is that this forum presents the businesses participating key strategies on how to leverage the untapped market. We need to aggressively take advantage of this if we are to provide opportunities for Ugandan and UAE businesses.”
“The overall goal of the forum is to strengthen economic relations between the two countries, but also showcase in particular what the Emirate of Sharjah can offer and contribute towards increasing trade and establishing promising investment partnerships,” he added.
The highlight of the two-day discussions will be a series of business-to-business (B2b) sessions where locals will have the opportunity to interface with members of the delegation to seek synergies in various potential enterprises.
Africa Tembelea also understands that government of Uganda has already proposed plans to construct an agricultural free zone area to process fresh produce exports, targeting mainly the UAE market.
Sharjah accounts for nearly one-third of the UAE’s entire manufacturing sector, which alone accounts for almost 16% of the Gulf states GDP. Some of the UAE companies set to participate in the forum include; Alpha International Household Industries Llc, EMAAR International, Faan Al Ibdaa Perfumes and Cosmetics, Etihad Credit Insurance, Sharjah Expo Center, and ALNAHLA Trading (Speedy) among others.