Uganda and India Pledge to Enhance Trade, Investments

Tuesday 24th July 2018
President Yoweri Museveni and the visiting Indian Prime Minister Mr. Narendra Modi have pledged to enhance trade and investment between Uganda and India with a view to addressing the trade imbalance between the two countries so that both countries can mutually benefit from each other.
Addressing a joint press conference after holding bilateral talks this afternoon between the two leaders and their respective delegations at State House Entebbe, President Museveni and Premer Modi noted that due to a number of factors, there has been trade imbalance between Uganda and India in favour of India.
Premier Modi who arrived in Uganda today was received by his host President Museveni at State House, Entebbe where Mr. Modi was treated to a 19-gun salute and inspected a guard of honour mounted by the Uganda Police Force.
The two leaders noted that although the trade volume between Uganda and India stands above US$700 million, Uganda’s exports to India were US$44 million last year adding that they had agreed to do all it takes to bring about favourable terms of trade so that both countries can mutually benefit from each other.
President Museveni said that to achieve this, they had agreed to increase accessibility of Uganda products to the Indian market on competitive terms and boosting tourism between Uganda and India through attracting Indian tourists to Uganda. He said that to boost trade and tourism, the two leaders had agreed that the revived Uganda Airlines should have direct flight from Entebbe to Bombay to ease the movement of goods as well as tourists.
The two leaders also revealed that India had offered a US$200 million dollar line of credit to Uganda that they could use to support areas that are capable of boosting export oriented production in Uganda such as agro-processing and agro-machinery, among others.
On health, the Indian Prime Minister announced a donation of modern cancer equipment to Mulago Cancer Institute adding that several Indian health care providers were interested in putting up specialised hospitals in Uganda which President Museveni welcomed and noted that the move would go a long way in cutting costs of medical care in the country as many Ugandans spend a lot of resources flying to India for specialized medical treatment.
Prime Minister Modi also announced that India would build the Mahatma Ghandi Convention Centre in Uganda, a recreation centre that he said would be in honour of the late Indian freedom fighter Mahatma Ghandi. He also announced a US$1 million dollar donation to Uganda toward supporting refugees in the country.
The two leaders further announced that the two countries would cooperate in the area of defence and signed a memorandum of understanding to this effect.
Prime Minister Narendra Modi hailed President Museveni and the Government of Uganda for the excellent treatment accorded to the Indian community in Uganda that has enabled them make a contribution to Uganda’s economic growth.
On his part President Museveni thanked the Indian Prime Minister for visiting Uganda and commended India for standing with Africans when they were fighting for their independence and self-determination.