MOSCOW: Visiting Russian deputy minister for telecommunication and mass communication, Alexey Volin, has revealed that a Russian business mission will participate in the International Trade Fair at Lugogo in the first week of October, 2015.
During a meeting with trade minister, Amelia Kyambadde at the Farmers House complex, Volin also revealed the possibility of a cultural exchange institution in Uganda to teach the Russian language as a means of boosting bi-lateral relations.
Russia and Uganda have long standing trade relations. Uganda mainly exports coffee, tea, spices and tobacco to Russia. However, the value of exports has declined from $12m (sh36b) in 2013 to $5.5m (sh16.5b) in 2014.
On the other hand, Uganda’s imports from Russia have gradually increased from $49.6m (sh148.8b) in 2013 to $70.4m (sh211.2b) in 2014 creating a sh194.7b trade deficit. Uganda mainly imports cereals, paper, fertilizers, aircraft and aircraft parts and vehicles.
The meeting between the Ugandan and Russian ministers follows the signing of an agreement on the 19th May, 2015 at the foreign affairs ministry to establish the Uganda-Russia Intergovernmental Commission on Economic, Scientific and Technical Cooperation.
It also served as a follow up meeting on issues discussed during the President of Uganda’s visit to Russia in 2009 where he discussed prospects of bi lateral cooperation in energy, military supply, trade and other sectors with the Russian President.
Kyambadde assured Volin that Uganda has opened its doors to Russian people to invest and do business in Uganda.
She said there are a number of investment opportunities for Russia in Uganda including agro-processing especially to products like tea, coffee, cocoa, fish, fruits, leather, grains, and honey and dairy products.
She added that the Government of Uganda also wants to partner with Russia to construct warehouses because it is a big gap in the completion of the value chain.
Kyambadde said there also opportunities in packaging materials with most of Uganda’s products being rejected in international markets due to poor packaging.
She also asked them to support the MSMEs in capacity building and technology transfer especially in agro-technology by providing information on appropriate technology.
