UIA postpones DRC Market Expo days after successful business summit

UGANDA | DRC | BUSINESS SUMMIT 

KAMPALA - The Uganda Investment Authority (UIA) has postponed the Uganda-Democratic Republic of Uganda (DRC) market access expo days after the week-long business summit that was held in Kinshasa and Goma recently. 

The market access expo between Uganda and DRC was expected to be held from June 27-29, 2022. 

“The Uganda-Democratic Republic of Congo Investment Promotion Summit and Market Access Expo scheduled for 27th to 29th June 2022 has been postponed due to pressing national events,” UIA officials said in a statement. 

“A new date will be announced shortly. We apologise for any inconvenience caused,” UIA officials added. 

The Uganda-DRC market expo was designed as a follow-up of the recent Uganda-DRC business summit engagement between more than 200 Ugandan business people and their DRC counterparts in Kinshasa and Goma. 

The Uganda team to Kinshasa was led by the First Deputy Prime Minister and Minister for East African Community, Rebecca Kadaga, while the team that travelled to Goma was led by the State Minister for Trade, Harriet Ntabazi. 

During the summit, more than 300 supply deals were signed by Ugandan investors and traders. 

The summit also ended after the two parties agreed to fast-track construction of roads linking Uganda to various towns in eastern DRC, to Stephen Asiimwe the PSFU CEO.

PSFU and Rwabwogo's office organised the Summit.

According to Government officials, Uganda’s trade with DRC has progressed over the years, with Ugandan exports to DRC amount to $338m.  

The business summit, Government officials said, acted as one of the mechanisms through which Uganda and DRC can strengthen trade relations, bring closer business communities between the two countries and tap into the opportunities that the recent admission of DRC into the East African Community (EAC) offers.  

In March this year, the Heads of State from the East African Community (EAC) officially admitted DRC into the regional bloc, bringing the number of member states to seven; Uganda, Kenya, Tanzania, Rwanda, Burundi, South Sudan and DRC.    

The admission of DRC into the regional bloc pushed the population of the community to about 300 million people; a number that trade experts say directly boosts the regional market.   

Last year, President Yoweri Museveni and his DRC counterpart, Felix Tshisekedi met at Mpondwe border point and commissioned the construction of 223kms of roads to connect the two countries.   

According to the United Nations COMTRADE database on international trade, Uganda exports mostly animal, vegetable fats and oils and cleavage products to DR Congo. Other exports are sunflower seed, cotton-seed oil, fast consumer goods and smoked fish, especially to eastern DR Congo, accounting for $267.19 million in 2021.