Uganda on Wednesday said it intends to strengthen its ties with long-time trade partner, China as officials from the East African nation sought to explore more channels to pursue economic and trade cooperation on a “win-win basis” between the two.
During her visit to the Asian country’s eastern province of Shandong, Uganda’s ambassador to China, Ms Oliver Wonekha listed a number of opportunities her home country offers for profitable investments for the Chinese business community.
According to the ambassador, Uganda has grown itself to be a highly stable country over the past 30 years, coupled with having one of the lowest crime rates and most stable inflation rate in East Africa – averaging 4.89 percent.
“Uganda is the most open economy to FDI within the EAC. According to benchmarks from Financial Times Limited, Uganda has an excellent working and living environment. Uganda has a robust young and trainable population. The country’s electricity costs are competitive at 80 per cent of Kenya’s costs, property costs in Uganda are competitive with industrial shed monthly rents in the range of $4-6 per square metre. Large and growing domestic market of nearly 45 million people, strategically located in the heart of Africa with a combine market of population of over 700 million in the EAC and COMESA region. Globally, Uganda has a competitive tax incentive regime,” Ms Wonekha said.
She made the remarks on Tuesday during the investment, trade and tourism promotion conference in Shandong in celebration of 60 years of diplomatic relations between Uganda and china.
Uganda and China have enjoyed warm and cordial relations since 1962, according to the ambassador.
“Out of the cordial relations for the past 60 years have come tangible outcomes like Education Scholarships, projects implemented in various Sectors of Uganda’s Economy like Agriculture, Construction, Infrastructure, ICT etc,” she said.
Shandong Province economy has well developed oil and Petro-chemical industry, Agriculture including cotton and Textile production, Machine Tools Production and Tourism Sector.
“It is, therefore, my wish that we work committedly to enhance the partnership between the Chinese and Ugandan Business community for mutual benefit of our two peoples. I sincerely invite companies and business people from Shandong to explore doing business in and with Uganda for maximum gain,” the ambassador said.