By KT Reporter
The Uganda National Chamber of Commerce and Industry, and the Dubai Chambers, have signed a bilateral Memorandum of Understanding, to strengthen trade ties between Uganda and Dubai.
The MoU was signed during the Uganda, Dubai business forum which was held in Kampala under the theme “Doing Business with Uganda”. This forum is part of the Dubai Chambers’ trade program for Uganda and Tanzania. It was organized by the Dubai International Chamber, one of the three chambers under Dubai Chambers.
The agreement outlines joint efforts to promote collaboration between businesses in both regions, organise trade missions and events, and share knowledge to unlock mutual opportunities.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, reaffirmed the chamber’s commitment to expanding Dubai’s global trade partnerships.
“We are committed to strengthening Dubai’s trade and investment partnerships with countries worldwide, including Uganda. Supporting companies from Dubai to grow and expand globally across diverse sectors remains a priority. This contributes to enhancing Dubai’s foreign trade and consolidating its position as a leading global business hub,” Lootah said.
The MoU builds on an already strong trade relationship between Dubai and Uganda. According to Dubai Customs, non-oil trade between the two reached a significant US$ 1.2 billion in 2023, highlighting the growing economic ties.
Furthermore, as of September 2024, 148 Ugandan businesses were registered as active members of the Dubai Chamber of Commerce, with 60 of them joining within the first nine months of the year.
The forum featured speeches from prominent leaders, including H.E. Olive Kigongo, President of the Uganda National Chamber of Commerce and Industry, and Robert Mukiza, Director General of the Uganda Investment Authority. The event attracted senior officials, business leaders, and 29 Dubai-based companies from industries such as construction, agriculture, healthcare, and information technology.
Dubai Chambers presented an in-depth overview of Dubai’s economic advantages, showcasing the emirate as a gateway for global trade and investment. In return, Uganda highlighted its investor-friendly policies and lucrative opportunities in sectors such as tourism, agriculture, mining, and infrastructure.
The Prime Minister, Robinah Nabbanja, underscored the importance of the partnership, noting that the agreement would catalyse growth for both economies. “The agreement signed between Dubai Chambers and the Uganda Chamber of Commerce and Industry aims to promote and protect investments. I believe this forum will effectively achieve its primary objective of facilitating dialogue between the Ugandan and UAE governments, as well as the business community while creating opportunities to foster new investments and business partnerships for the mutual benefit of both sister countries,” Nabbanja stated.
Key investment opportunities identified by Dubai Chambers in Uganda include infrastructure projects such as roads and railways, as well as advancements in information and communications technology. Uganda’s rich natural resources and strategic location in East Africa position it as an attractive destination for Dubai-based investors seeking to expand into Africa.
The partnership aligns with the Dubai Economic Agenda (D33), which aims to double the size of the emirate’s economy by 2033 and solidify its position among the top three global cities. Dubai International Chamber plays a pivotal role in this vision by promoting Dubai as a global business hub and fostering ties with emerging markets like Uganda.
The MoU also emphasises knowledge exchange and consulting on business policies, further solidifying the framework for a sustainable economic partnership. By fostering direct dialogue and collaboration, the chambers seek to remove barriers to trade and investment, enabling businesses in both regions to thrive.
The trade mission to Uganda and Tanzania marks the beginning of a new chapter in UAE-East Africa relations. With the signing of the MoU, Dubai and Uganda are set to deepen their economic ties and explore untapped opportunities in a wide range of industries.
As the global business landscape evolves, partnerships like this one serve as vital bridges, connecting markets and fostering innovation and growth. By capitalizing on each other’s strengths, Dubai and Uganda are poised to unlock a new era of prosperity-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
