Open up your market to our goods, Museveni tells India

President Yoweri Museveni (right) greets the commerce secretary, Government of India, Ms Rita Teaotia, as other delegates look on at the Indian Industry-EXIM Bank Conclave on India and Africa in Munyonyo Monday. Second right is Finance minister Matia Kasaija. PHOTO BY Stephen Wandera

What you need to know:

Target: The Conclave is an opportunity for the Indian private sector and key institutions to identify priority areas and key projects for Indian investment and partnership with a long-term commitment to the region. Projects and area of investment from the East African countries will also discussed at the Conclave with the view of funding them.

Kampala. President Yoweri Museveni has described the trade balance between Uganda and India as unfair, urging the south Asian country in the world to open up her market for more products from Uganda.
He said that will render the score between the two countries even.

For starters, Uganda is a net importer, making her balance of trade unfavourable. This means that Uganda imports more than she exports. The mismatch in balance of trade, according to Mr Museveni, is tantamount to donating revenue and jobs that would have otherwise strengthened the lull domestic economy.

Speaking on Monday at the Confederation of Indian Industry-EXIM Bank Conclave on India and Africa in Munyonyo, Kampala, Mr Museveni said India should provide market for Ugandan goods so that both countries be on equal footing.
He said: “We want to export more to India. We had problems with our milk products being allowed in India. That should be sorted out.”
He continued: “Tell Mr Narendra Damodardas Modi, the prime minister of India to allow my milk and other products enter India because we already doing the same here-allowing Indian exports into the domestic market.”

According to statistics from the Ministry of trade, India ranks number one on the list of countries where Uganda’s imports come from.
Statistics from the same ministry also indicates that the country’s exports to India have slightly increased from $24.7m (Shs91b) in 2015 to $45.1m (Shs165b) in 2016.

And the imports from India decreased from $1.15b (Shs4.1 trillion) in 2015 to $835.5m (Shs3 trillion) in 2016
Uganda mainly exports coffee, tea, spices, cocoa, vegetables, raw hides and skins, fruits and vegetables.
The imports mainly include: Mineral fuels and mineral oils which are valued at $493.4m (Shs1.7 trillion). Others are pharmaceutical products valued at $174.4m (Shs635b) and vehicles other than railway or tramway rolling stock, and parts and accessories valued at $66.9m (Shs245b).

Electrical machinery and equipment and parts such as sound recorders and reproducers, television valued at $41.4m (Shs150b) are the other imports being shipped from India to Uganda.
The commerce secretary, Government of India, Ms Rita Teaotia, who is leading the Indian delegation to the Conclave, said India is ready for partnership, stressing that the conclave is evidenced to her country’s commitment to this endeavour.
She said her delegation is also willing to enter collaborations or partnerships across the economic sectors, including agriculture, agro-processing and energy sector.
About $16b (Shs58.3 trillion) has been pledged by her country since 2015 as a line of credit for interventions in various economic sectors, an offer that African countries, including Uganda can benefit from.
The Conclave is a two-day event focusing on Business to Government and Business to Business engagements.
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