British High Commissioner H.E. Kate Airey, 2nd left poses with some guests at the British Chamber of Commerce launch
HABARI DAILY I Kampala, Uganda I The British Chamber of Commerce Uganda (BCCU) has been unveiled, amidst pomp and celebration. Total trade in goods and services (exports plus imports) between the UK and Uganda was £307m (sh1.4 trillion) in the four quarters to the end of Q4 2023, a decrease of 26.2% or £109m (sh517b) in current prices from the four quarters to the end of Q4 2022, says the UK Department for Business and Trade.
Henry Musasizi, the State minister for Planning in the finance ministry, said the new body will boost trade volumes between Uganda and the United Kingdom. He said the Government has consistently emphasized the importance of attracting both trade and investment as key drivers for advancing socio-economic transformation in Uganda.
“The launch of the BCCU provides an excellent business eco-system. It offers us a unique opportunity to connect several businesses and brands in both Uganda and the UK,” he said during the launch, which was held recently at the UK high Commissioner’s residence in Nakasero. Sanjay Rughani, the CEO of Standard Chartered Bank and Founding Member of the BCCU said under this body, they will talk about the most important shifts in the world.
“It will be a platform to discuss regional and global integration, including how to tap into the African Continental Free Trade Area, among other issues,” he said. He pointed out that the mission of the BCCU is to drive economic prosperity through collaboration. Sanjay further said the organisation aims to promote better trade links between the UK and Uganda.
“It will also act as a collective voice and use the business community’s influence to engage on trade policy, reduce barriers to entry and increase trade and investment, ultimately fostering economic growth,” he said. Kate Airey OBE, the outgoing British High Commissioner to Uganda said the reason they decided to launch the BCCU is because Uganda is full of opportunities, not just for British business, but for business in general.
“Those opportunities will deliver high quality jobs for Ugandans. And it’s important that Uganda gets quality investment in order to deliver those jobs for its young people. And we’re much stronger if we talk together with one voice as the British community here in Uganda,” she said during the launch. She said that as the economy and investment environment became more difficult due to geopolitical tensions, there is a need to strengthen the business community in order to succeed
