Gulf News | Uganda To Establish An Investment Promotions Office in Qatar

Posted April 30, 2017 by Ugandan Diaspora News Team in Business ~ 6,180 views


Gulf News — Uganda has proposed to establish an investment promotions office in Qatar to enhance trade and facilitate investment opportunities between the East African nation and Qatar, Ugandan President Yoweri Museveni has announced.
The office will also promote Uganda’s flourishing tourism industry, said Museveni, who addressed members of Qatar Chamber and the Qatari Businessmen Association in a meeting held yesterday at the Sheraton Grand Doha Resort & Convention Hotel.

Uganda’s Minister of Finance, Planning and Economic Development Kasaija Matia later told reporters that the investment promotions office would start operating in July this year. “We want to open it very quickly but if we have to go through the normal process, it would have to open in the next financial year, which is the first of July this year,” Matia explained.

Uganda has signed four memoranda of understanding (MoUs) with Qatar in the areas of bilateral exchange and cooperation, investment protection, agriculture, and defence. “But we will also sign MoUs in the areas of double taxation and aviation services most likely in June, once negotiations are finalised,” Matia told Gulf Times on sidelines of the meeting.

Matia also said the East African country wants to attract Islamic banking products from Qatar to facilitate growth in its business sector. He said in 2016, Uganda’s parliament amended laws governing finance to accommodate Islamic financial products.

“We got this concept from different business communities and now that laws and provisions are in place, we want Islamic banking to come to Uganda,” he pointed out.

Matia also said Qatar “is welcome” to participate in oil explorations in Uganda, which is expected to produce oil by 2020. Matia said Uganda has 350bn barrels of proven oil reserves. In response to the proposed investment office in Qatar, Qatar Chamber vice chairman Mohamed bin Towar al-Kuwari said he will push for the creation of a business council for Qatar and Uganda to facilitate trade and investment between the two countries. He said trade volume between the two countries stood at QR18.5mn in 2015.

Upon returning from Qatar, Matia said he will encourage the Uganda Chamber of Commerce “to communicate and share information” with its Qatari counterparts. Museveni said the investment promotions office will be part of Uganda’s embassy, which is based in Riyadh.

Source — Gulf News

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One Comment


    Really! I smell a rat. I wonder to whose benefit, I cannot help feeling it won’t be for me or the likes of myself everyday Ugandan. Pardon the cynicism but Uganda needs God’s help. Seems the world belongs to money crazy plotting and greedy minority who don’t really care about Uganda and its survival with the pple to who it belongs “Ugandans ”
    Let’s kneel and pray, obudde bukutte in Uganda today, need day light to see our way ahead, don’t think we see clearly where we r haeding!!!

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