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China marks 68th founding anniversary

By Taddeo Bwambale

Added 26th September 2017 12:40 PM

The President was speaking at celebrations to commemorate the 68th anniversary of the founding of the People’s Republic of China.

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The President was speaking at celebrations to commemorate the 68th anniversary of the founding of the People’s Republic of China.

President Yoweri Museveni and the Chinese ambassador Zheng Zhuqiang.

President Yoweri Museveni has lauded China for backing Africa and Uganda’s independence struggle and economic support emancipation.

The President was speaking at celebrations to commemorate the 68th anniversary of the founding of the People’s Republic of China.

The event celebrates the start of a new China under leadership of the Communist Party of China (CPC) in 1949, led by Mao Zedong.

The ceremony was held at Serena Hotel in Kampala on Monday.

 

China is currently Uganda’s largest source of foreign investment. By the end of 2016, total investment by Chinese firms in Uganda were valued at $3.07b (sh10.9 trillion).

China is also Uganda’s third largest trade partner with trade volumes exceeding $978m (sh3.4b) in 2016. Museveni noted that the trade deficit was one way Uganda was supporting China.

China's Ambassador to Uganda, Zheng Zhuqiang said relations between Uganda and China were at the best period in history. He said his country was willing to share development experience with Uganda and support the country's industrialisation agenda.

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