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Russian Delegation to the 2nd Uganda - Russia Business Forum

Friday, 30th November 2018
H.E Yoweri Kaguta Museveni poses for a group photo with the visiting Russian Minister Hon.Alexey Volin, Uganda's Foreign Affairs Minister Hon. Okello Oryem and other Dignitaries.
Hon. Alexey Volin led the Russian delegation to the 2nd Uganda – Russia Business Forum which  brought together private sector actors from both countries.

The Business meeting was held at the Ministry of Foreign Affairs in Kampala on the 16th October 2018.

This kind of meetings are very important in providing first-hand information on trade and investment opportunities and devising practical strategies for the mutual benefit of our two countries.

Uganda and the Russian Federation have enjoyed excellent and cordial bilateral relations since 1962. So far two Sessions of the Intergovernmental Commission on Economic, Scientific and Technical Cooperation between the Republic of Uganda and the Russian Federation have been held. Under the same cooperation framework, Uganda hosted the 1st Uganda-Russia Business Forum last year in October. Therefore, having another Russian Business delegation in Uganda this year  demonstrates Russia’s commitment to boost the economic cooperation between the two countries.
In economic terms, Russia is a significant partner for Uganda. In 2017 Uganda’s imports from Russia amounted to 69.48 million dollars while Uganda’s exports to Russia were worth 8.5 million dollars. It is our aspiration to increase the volume of trade and investment and close up the trade imbalance through active engagement of the private sector in both countries.

We call upon the Russian investors to take advantage of the numerous opportunities especially in agriculture and agro-processing, oil and gas, minerals, ICT, human resource development, energy, Tourism, and infrastructure development.  

The Russian private sector should consider direct investment or joint business ventures in Uganda. Uganda has a favorable and predictable business environment, with Uganda Investment Authority (UIA) operating as a One Stop Centre for investors to address their needs.

Uganda has a domestic market of nearly 40 million people and is a member of the East African Community with a combined population of over 170 Million people. We are also working on a Tripartite EAC-COMESA-SADC Free Trade Area which comprises 26 countries, a total population of about 600 million people and a combined GDP of nearly US $ 1 trillion. So by investing in Uganda, you have access to a big regional market. The government has also stepped up efforts to increase exports beyond the region to markets in Asia, Europe and North America.