Business and Finance
Uganda to benefit from new UK trade strategy
The United Kingdom has unveiled a new trade programme aimed at increasing trade between its firms and those in foreign countries including Uganda.
The move provides successful Ugandan businesses a chance to break into the European market, according to Mr William Hague, the UK foreign secretary.
The country, unveiled the UK Trade and Investment Strategy and the Foreign Commonwealth Office Business Charter on Wednesday.
“The new plans demonstrate the government’s commitment to supporting international business, supporting UK business overseas and attracting investors to the country,” a statement from the British High Commission in Uganda reads in part.
The UK was Uganda’s leading source of Foreign Direct Investment, until last year when aggressive China took over its spot.
British companies including; Tullow Oil, Dominion Petroleum, Tower Resources and Heritage Oil, have made significant, investment in Uganda’s oil and gas industry.
Tullow together with partners Total and the China National Offshore Oil Company, and the government are set to build a $10 billion oil refinery in the country.
However, there are a few significant companies that have invested in the UK economy.
Most Ugandans who have invested in the country are into business and professional consultancies as well as entertainment businesses.
Commenting on the initiative, Mr Vince Cable, UK’s Business Secretary, said; “UK has a great reputation as a place to do business and we want to do all we can to make sure foreign investors come here.”
"Today, we're announcing practical help for UK companies to ensure they win business overseas. And we're setting out how we will actively attract inward investment to the UK with ambitious plans to target sovereign wealth funds and expand the global entrepreneur programme."
Mr Hague said the new Charter is part of the British government’s commitment to inject a new commercialism into the Foreign Office using its international influence to help British businesses secure new trade opportunities. “We will work tirelessly to champion UK business abroad and to help attract investment to the UK.”