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The two countries also signed deals worth about $2 billion in the agro-processing, energy and mining sectors
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Uganda’s special envoy to the UAE said trade between the UAE and Uganda has been touted in recent years due to strong bilateral ties.
Uganda’s ambassador to the UAE, Zaake W. Kibedi, speaking at the Uganda-UAE Business Forum in Abu Dhabi on Monday, said foreign direct investment (FDI) in the UAE increased from US$300 million in 2018 to about US$3 billion in 2022.
“Uganda’s exports to the UAE have increased from $600 million in 2018 to $2 billion in 2022,” Kibedi said.
“Today, the UAE is a major market destination for exports from the Gulf Cooperation Countries (GCC).”
According to the ambassador, trade exports between Uganda and the UAE in 2022 have exceeded US$1.59 billion.
In 2018, remittances from Ugandans living and working in the UAE were around $50 million, but have now increased to $200 million.
The Uganda-UAE Business Forum comes on the heels of increased trade between the two countries, especially after Uganda’s participation in Expo 2020 Dubai, which ends on 31 March 2022.
Uganda and the United Arab Emirates signed deals worth about $2 billion over six months in agro-processing, energy, minerals and other sectors.
room temperature. Chinese. As the main guest at the event, Rebecca Kadaga, Deputy Prime Minister and Minister of the East African Community of Uganda, said she was delighted with the strong and friendly relationship between Uganda and the UAE.
“There is potential for further growth in tourism, oil and gas, infrastructure and telecommunications, finance, automotive, pharmaceuticals, retail, electronic technology, energy and construction industries due to the favorable business environment in both countries,” she said.
“Uganda is a beautiful country with a rich history and hospitable people. The country is based on religious and cultural tourism and I appeal to the people of the UAE to visit our country for tourism and investment.”
Sameh Abdulla Jamaa Al Qubaisi, Director of Economic Affairs at the Abu Dhabi Department of Economic Development (ADED), said the UAE and Uganda have signed several important agreements in areas such as trade and investment, labour exchange and more.
He highlighted the ease of doing business in Abu Dhabi, stressing that the cost of doing business in the UAE capital has dropped to AED 1,000 (US$ 3,670).
“There are many untapped areas for Ugandan companies to develop in the UAE’s large market,” Al Qubaisi said.
He noted that the UAE is one of the main destinations for Uganda’s exports, including gold and fresh organic food.
The largest part of Uganda’s economy is the agricultural sector, and Ugandan authorities have urged the people of the UAE to invest in it as the country seeks to switch to agro-processing
During a panel discussion on “Doing Business in Uganda”, Dr Abdoumonem Al Marzooqi, Executive Director and Board Member of Emirates Elite Group, which invests in Uganda’s agricultural sector, said Uganda’s agricultural products – including fruits and vegetables – are good for products such as coffee, but Farmers face the challenge of finding markets for their products.
“The Ugandan agricultural market is easily accessible in the UAE and other GCC countries, but the challenge is that there is no proper link between farmers and international markets,” he said.
The forum, the first to be held in Abu Dhabi, offers Ugandan businesses the opportunity to introduce themselves to the UAE market.
Uganda’s trade, investment opportunities and priority sectors such as agriculture, oil and gas, real estate, insurance, and renewable energy were presented at the meeting.
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