H.E. Johnson OLWA, Uganda’s Ambassador to the Russian Federal Republic (2nd Left) H.E Senator Igor MOROZOV and Chairman of AFROCOM and the Russian Coordination Committee for Economic Cooperation with Africa Hon. John MULIMBA, Minister of State for Foreign Affairs in charge of Regional Cooperation, Maj. Gen Henry Masiko UPDF Chief Political Commissar (2nd) Right)
Uganda has urged Russian investors to exploit enormous investment opportunities in the country.
The call was made by By John Mulimba, the Minister of State for Foreign Affairs Regional Cooperation during the First Russian-Uganda Business Forum taking place from 7-13 November 2021 in Kampala.
“Uganda has enormous investment potential as you may have noticed already. Opportunities exist in agro-processing for instance fruit juices, dairy products, tourism and hospitality, oil and gas, pharmaceuticals among others. You are therefore encouraged to take some time off your busy schedules and visit the country side to get a clear view of what am saying,” Mulimba said.
He noted that the Russia-Africa Summit held in Sochi in October 2019, emphasized the importance of strengthening trade relations between Russia and Africa.
During this Summit, President Museveni held discussions with President Putin and a number of issues were raised including a call on Russian investors to come and invest in various sectors in Uganda.
“I am very pleased that the Russian Federation has taken this bold step to follow-up and implement the commitments which were made by our leaders in Sochi particularly to strengthen trade relations with Uganda. This Mission is therefore very crucial as a tool to implement the Sochi Summit outcomes,” Mulimba said.
He added: “Through the AFROCOM (which is the Coordination Committee for Economic Cooperation with African Countries) Center for Entrepreneurship , Ugandan business community will now interface with their Russian counterparts much easier than has been the case. This interface in turn should result into increased trade between the two countries.
I am confident that AFROCOM will enable Ugandans to access quality products, affordable and appropriate technologies from Russia.”
AFROCOM Chairman is Senator of Russia Mr Igor Morozov who has been mandated to promote economic relations between Russia and Africa.
A decision was made that Russian Trade Centers be opened in all the African countries and Uganda was chosen as the first country to have this implemented
AFROCOM already opened offices in Uganda and the Executive Director is Dr Stanislav Mezentsev.
The Minister added that AFROCOM will provide the much needed information about Russian market for Ugandan products.
Furthermore, through AFROCOM, he said, Russian Investors should be able to get necessary information about the investment opportunities available in Uganda.
It should be noted that the Embassy of the Republic of Uganda in the Russian Federation is mandated to promote trade, investment, tourism and to harness education and technology transfer opportunities.
In 2019, the Mission launched the first ever Uganda Expo in Moscow which brought 80 Business representatives from Uganda to exhibit their products in Moscow. It was a one week event focusing on trade, investment, tourism and culture . The Expo is now an annual Mission activity and it will be rotational, taking place in the different Regions /cities in the Russian Federation.
H.E. Johnson OLWA, Uganda’s Ambassador to the Russian Federal Republic (L) Hon. John MULIMBA, Minister of State for Foreign Affairs in charge of Regional Cooperation (C) and H.E Senator Igor MOROZOV and Chairman of AFROCOM and the Russian Coordination Committee for Economic Cooperation with Africa (R)
As a result coffee exports to the Russian Federation went up, some companies started to import fruits such as ovacado’s and Mangoes from Uganda and many Russians have picked interest in importing products from Uganda including cocoa and fish .
In 2019, five MoUs were signed between the Uganda National Chamber of Commerce and Industry with the Regions of ; Kursk, Ryazan, Kastroma, Yaroslavl and Ivanova.
This year, the Uganda National Chamber of Commerce and Industry will sign cooperation agreements with the Regions of Penza and Bryansk. All this is to provide confidence between the business communities in Uganda and the Russian Federation.
