By David Rupiny
Uganda has hosted an Indian-Ugandan Trade Mission with an 18-person strong delegation expressing trade and investment interests in various areas of the Ugandan economy.
The high-powered mission was organized by Equity Bank, the biggest commercial bank by customers and assets in eastern and central Africa. It has operations in Kenya, where it is headquartered, in Uganda, Tanzania, South Sudan, and the Democratic Republic of Congo.
According to the Managing Director of Equity Bank Uganda, Anthony Kituuka, the Indian delegates have a combined net worth of seven billion dollars, including major groups such as Tata.
Uganda’s State Minister for Privatisation and Investment, Evelyn Anite, said in Africa there is no better place to invest in other than Uganda which is blessed with a strategic location, abundant resources, political and economic stability, conducive business environment, generous incentives, young, educated and skilled labour force and much more.
Minister Anite said India is already a key investment source country for Uganda, adding that Ugandan exports to India are also growing especially cocoa, coffee, and minerals like gold. He encouraged Indian investors to come and add value to Ugandan agro products.
The minister offered the head of the delegation, Rahul Murtha, who has interests in luxury resorts, free land in Murchison Falls National Park, the biggest and most biodiverse in Uganda.
On his part, Murtha said his delegates are interested in investing or trading in areas such as commercial agriculture, agro products, education, health, skills development, infrastructure development, digital economy, and tourism and hospitality.
Murtha said his multi-sectoral delegation is also looking for partnerships and collaborations with Ugandans in the areas of fintech, green economy, renewable energy, inland water transport (on Lake Victoria), technology and skills transfer, a network of specialized hospitals, and telemedicine and tourism, amongst others.
Murtha said; “East Africa, especially Uganda, has untapped potential and many Indians are unaware of the safety and economic opportunities here. We are returning to India as goodwill ambassadors for Uganda and will promote the country as a vibrant and diverse destination. With over 35,000 Indians already here, Uganda feels like an extension of India”.
The Indian High Commissioner to Uganda, Upender Singh Rawat, said bilateral trade between Uganda and India in 2023 hit 1.35 billion dollars, with India exporting goods worth 819 million dollars and Uganda exporting goods worth 534 million dollars, making Uganda a significant trading partner.
Equity’s Kituuka encouraged the Indians and Ugandans to make sure that they strike deals and actualize them. He said: “Our expectation as Equity Bank Uganda is that this trade mission will increase bilateral trade between Uganda and India. We encourage businesses from both countries to take advantage of this two-day trade mission to explore mutual opportunities.”
Kituuka said, “As a bank, we are ready to assist and facilitate further trade and investment engagements and provide any services that you may require”.
Rushi Mohammed, a policy analyst with the Uganda Manufacturers Association, said the manufacturing sector accounts for accounts for approximately 16 percent of Uganda’s GDP, making it the largest contributor to the economy, adding that under the 10-fold strategy of increasing the country’s GDP to 500 billion dollars in 10 years, the manufacturing sector’s contributed is projected to hit 40 percent.
Peter Muramira, the acting Director of Investment Promotion and Business Development at Uganda Investment Authority, said the authority (www.ebiz.go.ug, www.ugandainvest.go.ug ) is their first point of call for key investment and business services.
Muramira appealed to the Indian delegation to invest in Uganda by snapping up the various opportunities and incentives on offer.
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