The Uganda National Chamber of Commerce has signed a Memorandum of Understanding with the Dubai Chamber of Commerce to enhance cooperation between the business communities in Uganda and Dubai.
The agreement was signed during a bilateral business forum in Kampala arranged by Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers.
Under the terms of the MoU, the two parties will work together to promote collaboration between companies from Dubai and Uganda, as well as organise trade missions, conferences, and business events.
The agreement also encompasses the sharing of knowledge and expertise to unlock mutual benefits, consulting on business policies, and exploring bilateral investment opportunities.
Speaking at the function, the president of the Uganda National Chamber of Commerce, Olive Kigongo said this is a rare opportunity to ensure Ugandan businesses can use Dubai as a springboard to expand to other parts of the world.
"Uganda has a lot and I see many opportunities that the Dubai Chamber of Commerce can tap in. With UAE being a desert country and Uganda on the other side being agri-based, Uganda can export fresh food and fruits to Dubai," Mrs Kigongo said.
"This partnership seeks to strengthen bridges between UAE and Uganda with the goal of improving and expanding bilateral trade.
According to data from the Observatory of Economic Complexity(OEC) , Uganda's exports to UAE currently stand at 1.2 million with leading exports being gold and coffee among other agricultural products.
On the other side, Uganda's imports from Dubai have reached $305 million with machinery, vehicles, vehicle parts, textiles and ICT equipment dominating this figure.
Speaking on Monday, the president of the Uganda National Chamber of Commerce said Dubia investors and businessmen can also tap into Uganda's tourism sector which is among the most virgin sectors.
"Uganda has unique tourism features that Dubai businessmen and investors can tap into but there are also many other products that they can tap into."
"Uganda is a land of opportunity , offering vast potential in agriculture, renewable energy, ICT, tourism and real estate development. Through this partnership, we can unlock new pathways for trad and investment, leveraging each other's strengths to benefit our members and communities."
The deputy director general of the Uganda Investment Authority, Martin Muhangi said with a population of 47 million people , Uganda has a big market with 300 million in East African community, 600 million in COMESA and over 1.3 billion in the Africa Continental Freed Trade Area which investors can tap into.
"In Uganda we have a fully liberalized economy where investors can repatriate profits 100% without restriction. We have the lowest labour cost in East African region which is highly educated and competitive .We have the fastest growing economy in region," Muhangi said.
He said the country offers a 10-year taxi holiday for agro processors operating in industrial park targeting exports, zero import duty on plant and machinery for use in agro processing , 10 year income tax holiday for exporters of finished consumer and capital goods and VAT deferment on plant and machinery at importation.
The UIA deputy director said investors and businessmen can tap into these incentives.
The president of the Dubai Chamber of Commerce, Mohammed Ali Rashed Lootah said the MOU will help strengthen business relations between Dubai and Uganda
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"Uganda 's growing population and favourable business policies make the country favourable for business and presents opportunities to work together. Uganda is an important trade partner with Dubai," Lootah said.
"This is a big milestone to create a bridge to bring business close to each other and showcase investment opportunities and promote them to have direct impact between the two countries."
He said this is yet another opportunity for Ugandan businesses to leverage the platform that Dubai provides to expand but also Dubai businesses to invest in Uganda.
"With this MOU, we want to ensure easy access for Ugandan investors to enter Dubai. It will help Ugandan businesses expand to Dubai."
