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
Economy to grow by 7% in five years‘
Uganda’s economy will grow by 7% a year in the three to five years’ time, up from a forecast 6% in 2014, helped by investment from oil explorers and by expansion in the services sector, the finance minister...
Change needed for economic independence — Kagina
Outgoing Uganda Revenue Authority (URA) boss Allen Kagina on Thursday called for a complete mind-set transformation among individuals and institutions in using the available resources for production rather than wasteful consumption....
EADB to fund more projects in Uganda
The East African Development Bank (EADB) has received credit worth $40m (about sh104b) from the African Development Bank (AfDB) to finance infrastructure, manufacturing, tourism, agriculture, transport, education and health projects...
Quacks in construction industry a big threat to Vision 2040
Players in the construction industry have asked the Government to regulate it, saying increasing numbers of quacks will affect efforts to attain the Uganda Vision 2040....
NSSF to save Uganda Clays from collapse
It is now or never for Uganda Clays Limited (UCL). The National Social Security Fund (NSSF) has announced that it will convert a sh16.7b loan to UCL into equity in a bid to secure the company’s future....
UAE Exchange Uganda celebrates, brand turns 34 globally
UAE Exchange Uganda joins its global family in celebrating the 34th anniversary of the brand coming into existence...
Should diplomatic passports issued to ex-govt workers be with drawn?
Yes
No
Can't Say
follow us
subscribe to our news letter