The NRM National Chairman Yoweri Museveni has once again called on the Indian business community to reduce the trade imbalance between Uganda and India which is charaterized by Uganda buying more from India than India is doing from Uganda.
The NRM National Chairman was this morning speaking during a Uganda- India business forum at Kampala Serena Hotel Conference Centre in Kampala. The Indian Prime Minister Mr. Narendra Modi, addressed the forum on how to improve the economic relations between the two countries.
“When I was in Delhi, by then India exported to Uganda products worth US$1.7 billion and we imported from India products of about US$24 million dollars. As I told the Prime Minister yesterday, this trade imbalance should change,” Mr. Museveni said.
The National Chairman of the ruling NRM government Museveni further appealed to the Indian businessmen to continue investing in Uganda because of the country’s high purchasing power. He also noted that their investments would also attract other markets like the East African, African markets and third party markets which bring in profits.
Prime Minister Narendra Modi, on his part, assured President Museveni that India was ready to reduce the trade balance between the two countries. He noted that the other key priority areas the two countries could cooperate and maximize opportunity, include human resource development and value addition to agricultural products.
“You have such wonderful land. Today, the entire world is looking for organic products. You are blessed with soil that has no drop of chemical. We are ready to put money here so that the soil of Uganda grows these organic products. You can grow crops like cotton here in Uganda which India can buy to make beautiful apparel,” said Premier Modi.
Mr. Mondi appreciated Uganda’s role in promoting world peace and thanked Mr. Museveni for the hospitality and love for him and his delegation.