By Drake Nyamugabwa
India is increasing her presence in East Africa and Uganda in Particular as a partner in development for bilateral trade with India which currently has been proved to be unbalanced in terms of for export to India which is less than the imports causing the imbalance.
Uganda is a major trading partner with India, and ss Uganda trade with India continue to recognize each other as markets, there is need to deepen trade and investment partnerships in major sectors and other cooperation ranging from infrastructure to energy security among others.
The report from Survey made by Confederation of Indian Industry (CII) indicate that; to take full advantage of the market in India, there is need to identify ways of increasing capacities of countries to meet international standard to harness the available markets, more successfully, and also take advantage of the existing mega trade agreements involving India-Africa Trade relations, to solve the problem of market loss and trade diversion.
The trade agreements that exist for Uganda to harness India market include the diplomatic ties between Uganda and India since sixty five, contribution through the India-Africa Forum and human capital, the contribution of Indians doing business in Uganda estimated at twenty six thousand.
Recently when Prime Minister of Uganda Ruhakana Rugunda visited India, he identified various investment opportunities ranging from Agriculture, power and energy, Health care and pharmaceuticals, Infrastructure, mining, ICT among others. This made an Indian delegation to come to Uganda as host country for an India-East Africa Conclave, where a number Business to Business discussion were held with Uganda business counterparts, to establish investment opportunities.
The trade balance between Uganda and India has been declining overtime with value of USD 1,462,320 Million in 2014 to USD 789381 Million in 2016.