The delegation led by Mr. Levent Hakkı Yılmaz the President of Iskenderun Chamber, comprised of corporate businessmen and experts in the sectors of; Agriculture, import and export, Transport, Energy, real estate and construction.
UNCCI finds it beneficial to share business ties with one of the fastest-growing economies in the world.
Turkey’s economic growth is currently estimated at 4%. The country has been able to diversify its trade options to Africa; and Uganda in particular.
In 2012, the Turkish-Ugandan Business Council was established, following the signing of an agreement between Turkey’s Foreign Economic Relations Board, the Unions of Chambers and Commodity Exchanges of Turkey and Uganda National Chamber of Commerce and Industry.
Since then; business relations between the two countries have grown tremendously; with two Turkish delegations being hosted in Uganda and two others from Uganda hosted in Turkey. The bilateral trade volume between Turkey and Uganda reached $30m by end of 2013. This is still very low given the potential for partnerships between both countries and UNCCI is striving to double these volumes by end of 2016.
It is the mandate of UNCCI to link the private sector in Uganda with business opportunities at national, regional and global level. It is also in the interest of our economy to move from exporting raw materials to finished goods as an approach to import substitution. As such business to business meetings are held to link Ugandan companies with Turkish businesses in an effort to promote their growth and competitiveness.
Through this initiative, the delegation also undertook to establish local investment to increase employment opportunities and add value to Ugandan products. The two parties agreed that the best approach for smooth business relations is for Turkish companies to enter equity and joint-venture partnerships with local companies and after a period; dilute their interests; leaving these companies to Ugandans.
UNCCI also arranged meetings with collaborative government institutions to extend the opportunities available to the entire public sector. These include the Uganda Investment Authority, Uganda Export Promotion Board, Kampala City Council Authority as well as line Ministries.