Uganda National Chamber Of Commerce and Industry President Olive Kigongo Lures Russian Investors.

lures russian investment

Uganda National Chamber of Commerce and Industry (UNCCI) President Olive Kigongo lures Russians to invest in technologies of renewable energy.

Kigongo said this in her presentation during the Russian Business Delegation Forum held at the Office of the President today.

“We believe our next drive for income is in Oil but importantly the sustainability of our environment lies with how quick we shall switch from overreliance on non-renewable sources of energy to the adoption of renewable energy sources,” She said.

“You are experts of renewable energy and we would wish to import such technologies. Indeed some of our private companies are ready to invest in those technologies,” Kigongo added.

Kigongo said, in 2009 UNCCI signed a memorandum of Understanding with the Chamber of Commerce and Industry of the Russian federation.

She said ever since then we have been seen a number of trade delegations exchanged but more emphasis has been on encouraging business to business partnerships.

She added that however slow, at least the exports of Uganda to Russia have ever since increased to a tune of $8m in 2016 while imports from Russia increased from $36m in 2008 to $84m in 2016.

She welcomed the delegation to Uganda and thanked them for having chosen Uganda as their investment destination.

The forum was organized by the Ministry of Foreign Affairs.

She also said companies on the delegation have an interest in Oil and Gas, Mining, ICT, Coffee, Security, and pharmaceuticals which are all priority areas of the Uganda government and the private sector too.

“I, therefore, call upon the private sector to take advantage of their being around and tap into their potential. Allow me to thank the Ministry of Foreign Affairs for organizing this forum and the governments of the two countries for such cordial relations that encourage commercial diplomacy and business venturing,” she said.

The business between Russian and Uganda has been growing slowly as shown in statistics from the Export promotion board in 2005. Uganda was exporting to Russia worth $781,862 and this was majorly coffee. With export diversification which included freshwater fish, vegetables, fruits, and hides.

Our exports to Russia grew to $2,769 by 2008.