The Commonwealth Enterprise Council (CWEC) and the Presidential Advisory Committee on Exports and Industrial Development (PACEID) together held a breakfast meeting at the Royal Garden Hotel in Kensington, London.
The President of Uganda, Yoweri Kaguta Museveni was also a part of the meeting held on Monday.
At the breakfast meeting in the United Kingdom on Monday morning, President Museveni spent the majority of his time socializing with potential investors, fund managers, food processors, and large commodity importers.
President Museveni stated in his remarks that because Uganda has no enemies abroad, it is eager to cooperate with everyone to realize its agricultural and mineral potential.
Museveni said that there are no nations that are the enemy of Uganda. He explained it further by putting an example that the Chinese are their close friends and have granted them zero tax access for 450 products and are in talks to open up additional markets. He added that Uganda even has access to the Indian market also.
According to him, Uganda is in a comfortable position for conducting business with anyone throughout the world due to its neutrality.
Unlike humanity, European birds are incredibly intelligent. They must fly to Africa during the winter to survive. As for climate zones, President Museveni emphasized that people should be aware of how they may help one another through investment.
The President argued for increased market share for Uganda on the global stage, but he emphasized that this would only happen after cooperation with possible visionary investors who view Uganda and Africa as the world’s future industrial hub.
Concerning international trade, Uganda has a favorable policy toward the United States of America, allowing for quota-free and tax-free export of at least 6000 domestically manufactured products to the country.
Additionally, Uganda’s participation in the Continental Free Trade Area (CFTA) emphasizes the significant advantages of production investment in the country.
Then, President Museveni mentioned that Uganda and the European Union (EU) had a standing agreement to trade in Everything But Arms (EBA).
Museveni told the investors that if they want to make money, there is an address, “it is P.O. Box Uganda.”
To advance Uganda’s investment agenda, the Head of State has appointed trade envoys to the US, UK, and Balkans.
Mr. Mark Pursey will be in charge of the UK market, while Mr. Bratislav Stoiljkovic will be in charge of the lead hunt for the Ugandan product market in the Balkans.
A similar event in Chicago, USA, commissioned Mr. Codey Lawrence and Mrs. Olive Kamanzi to lead the US market.
The GDP per capita in the Balkans, which consist of Serbia, Montenegro, Croatia, Bulgaria, Romania, and Macedonia, is $6000, yet they consume $1 billion worth of coffee each year.
The countries are also good suppliers of packaging and food processing technology.
Mr. Odrek Rwabwogo, the chairperson of PACEID, commented on the envoys and that partnerships with trade envoys will enhance confidence in the products that Uganda sells to other markets.
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According to Rwabwogo, PACEID will assist with conformity and compliance, and the ultimate goal is to raise Uganda’s market share to $6 billion over the following five years.
Rwabwogo stated that Bill Gates gives African nations $6 billion. The coffee value chain needs investment, therefore they increase from $800 to $1.5 billion. To reach at least $1 billion in sales, they need to increase sales of beef, dairy, fruits, and natural grains, as well as poultry and eggs.
Nimisha Madhvani, Uganda’s High Commissioner to the UK, complimented Museveni for considering the new investment potential between Uganda and Britain.
Uganda and Africa are undoubtedly the next trade destinations for the world, according to Lord Hugo Swire, Deputy Chairman of the Commonwealth Enterprise and Investment Council, who also expressed support for the initiative.
Lord Dolar Popat, the Uk’s trade envoy to Uganda, and Ugandan exhibitors, including Nelson Tugume of Inspire Africa Coffee, participated in the event.
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