Business
Russia determined on consolidation of trade ties with Uganda
Publish Date: Jun 17, 2014
Russia determined on consolidation of trade ties with Uganda
People working at the oil rigs in Bunyoro
  • mail
  • img
newvision

By Edward Kayiwa

The Russian government has said it is resolute on cultivating trade ties with Uganda, in areas of energy, engineering, geological exploration, construction, banking and finance, tourism and military supply.
 
While addressing Russian alumni at his office in Kampala, ambassador Radmir Gaynanov described as cordial, relations between the two countries which have existed for over fifty years, and urged Ugandan investors and business men to embrace trade opportunities that are countless in  Russia.
 
“The economic turn over between our two countries exceeds $600m, over four thousand Ugandans have graduated in Russian universities, and our relationship with Uganda is basically cordial," he said. 
 
He said Russia is ready to support the development of Uganda’s petrochemical and agriculture industries, which according to the national development plan will help in propelling Uganda to a middle income state by 2017. 
 
Already, a Russian company RT–Global Resources, is one of the six short listed to construct, develop and operate a multimillion-dollar 60,000 barrels of oil per day refinery in Hoima and also build product storage facilities as well as a 205km product pipeline from Hoima to Kampala to serve Burundi, Rwanda, eastern DRC, northern Tanzania and western Kenya 
 
The chairperson of the Health Services committee in the state duma, Kalashnikov Sergey Vyacheslavovich, who also led a delegation of Russian parliamentarians to Uganda to assess possibilities of furthering trade and investment links, said Russia cannot underscore the significance of investing in Uganda, adding that Russians now have the opportunity to get engaged in developing Uganda’s health sector, infrastructure, tourism, as well as oil,  mineral exploration and power and energy sectors.
 
"Russia was supporting agriculture and infrastructure development in Uganda before the collapse of the Soviet Union. We cannot ignore what we shared and as such, we will now use our experience and expertise, especially in oil to help in the development of a petrochemical industry in Uganda,” he said.
 
“We are also in the process of relaxing our trade regulations to include incentives for foreign investors and businessmen. I therefore call upon Ugandan investors and traders to embrace this opportunity,” he added.
 
Minister of Internal Affairs, Eng. Hilary Onek said Uganda’s soils are rich for agricultural production although there is a gap in agro processing, adding that the country needs investors with the right technology to build factories
 
“Uganda's agricultural potential is enormous; our national economy demonstrates ongoing development and economic growth. We just need people with the right technology to help us build factories and in turn create jobs.
 
The government of Uganda is therefore open to Public Private Partnerships in manufacturing, agriculture, mining and the energy sector because we also need affordable electricity to drive industrialisation and development,” he said.

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
More oil resources found in Albert region
The Petroleum Exploration and Production Department has said that the oil resource confirmed is now 6.5 billion barrels from the fields studied....
Chinese firm CHEC given $8bn railway deal
The Government has finally given away the giant and lucrative deal to upgrade and expand Uganda’s railway network to standard gauge to a Chinese firm....
Tourism industry goes professional
IN a bid to make Uganda a preferred destination for tourists, the Ministry of Tourism is in advanced stages of professionalizing the chain of service...
Providers to pay PPDA fees online
COMPANIES that register with PPDA are all listed in the RoP. Hitherto, providers were paying fees exclusively through commercial banks...
MTN, Centenary Bank partner on mobile money ATM cash out service
MTN Uganda the leading Mobile Money network has partnered with Centenary Bank Uganda to advance their ATM Cash out footprint by allowing customers to cash out at all Centenary bank ATMs across the country....
IMF chief charged with
IMF chief Christine Lagarde, one of the world''s most powerful women, announced Wednesday she had been charged with "negligence" over a multi-million-euro graft case...
Do you think the National Census positively contributes to improved Livelihood in Uganda?
Yes
No
Can't Say
follow us
subscribe to our news letter