UAE looks to build business ties in key African markets

A business delegation from Sharjah is on a six-day visit to Uganda and Kenya, to help build business ties with promising African markets.

The visit, organized by the Sharjah Chamber of Commerce Industry (SCCI), plans to boost competitiveness in the business sector and improve investments, tourism, and commercial cooperation between Sharjah and the two African nations, the chamber said in a statement.

Non-oil trade volume between the UAE and Uganda was estimated to have reached AED 555 million ($151 million) during 2015, comprised mostly of raw materials and food items.

UAE-based investors have expressed interest in Uganda’s agriculture and food processing industries, given the country’s natural resources.

“Also, Uganda is considered one of those promising African countries where the country’s GDP has been sustaining a 5.4 percent rate in recent years,” the SCCI said in a statement.

For Kenya, trade volume reached AED 3 billion ($821 million) with the UAE.

Last month, the Dubai Chamber of Commerce and Industry opened its fourth office in Africa in the Kenyan capital of Nairobi as part of its strategy to strengthen economic ties with the continent and to promote Dubai and its business competitiveness in the African market.

The Sharjah delegation to Uganda and Kenya wraps up its visit on December 3.