Uganda is now prepared to increase trade with the continent’s regional blocs after it became apparent that it can reap just as much or even more from regional intra-trade than with its traditional trade partners in the EU and the Asian markets.

The Trade minister, Amelia Kyambadde said she is committed to ensuring that Uganda fully takes advantage of regional intra-trade through provision of inducement.

Speaking early this week at the Comesa Business Forum, Ms Kyambadde said: “We have for long focused on foreign investors, it is high time we started looking at indigenous trade because its impact can be as good as or even more than that one of foreign investor.”

Her argument was based on the fact that indigenous trade does not only have the interest of the country but is equally well placed to propel the region, which she said is the focus the government is trying to promote.
She said: “We have since realised how important local investors are. Actually in the last couple of years they have had such great impact.”

In the last decade, Uganda’s export trade within the Comesa has grown to about $1.3 billion (Shs3.3 trillion), representing a 57 percent growth from 49 per cent of about Shs1.9 trillion in 2010.

However the delegates’ concerns rotated around governance as they wanted assurance that the Comesa member state will guarantee issues of security, taking care of corruption and getting rid of Non tariff barriers among others. However, economic analysts like Prof Augustus Nuwagaba of Makerere University, say not until the government begins to walk the talk, everything said will remain on paper.

Meanwhile the minister of Finance, Maria Kiwanuka asked the private sector to pay attention to the EAC and the Comesa region, implying that traditional trading partners in the West and Asia shouldn’t be the priority any more.

Speaking at the luncheon organised by the Uganda Manufacturers Association early in the week, Ms Kiwanuka said it should be the government asking what the private sector has done and not the vice versa, given that it is the private sector that is in charge of the economy.

Source: http://www.monitor.co.ug/Business/Technology/Traders-advised-to-shift-focus-on-regional-trade/-/688612/1628294/-/uq9h5f/-/index.html