Intra-regional trade in quality cereals and pulses is expected to increase following the launch of the gazetted East African standards of staple foods.
Speaking in an interview on the sidelines of the launch of the nine standards for staple foods on Wednesday by East Africa Grain Council (EAGC) in Kampala, Mr Gerald Masila, executive director EAGC, said the lack of harmonised regional standards has for a long time barred trade as each East African country has been using its standards.
“We have lost out on a market position. I do not have a number right now. Read more. Source | Daily Monitor
The quality of regional trade in cereals and pulses is expected to improve following the launch of newly gazetted standards for staple foods.
The harmonisation comes after a long period where each East African country used its own yardstick to determine quality of cereals including maize, millet, wheat, sorghum, rice and pulses such as beans and peas traded across borders.
Speaking during an interview on the sidelines of the launch of the new standards by the East Africa Grain Council (EAGC) in Kampala Wednesday, executive director Gerald Masila said the lack of uniform guidelines had served as a technical barrier to trade. Read more. Source | Business Daily
A decade ago, Uganda’s manufactured exports to the region were insignificant. Records now indicate a 100 per cent increase.
If this trend experts continues upwards, the country’s import bill will reduce drastically and more jobs will be created.
Currently, Uganda exports manufactured goods to the region worth $1 billion (Shs3.6 trillion) up from $10 million (Shs36.5 billion) the country earned almost 10 years ago. Read more. Source | Daily Monitor
As much as Uganda recorded a 14 per cent increase in the value of its exports in 2017 compared to the previous year, a lot needs to be done especially on the supply chain constraints.
Bank of Uganda (BoU) records as of November last year show that the country exported goods and services (both formal and informal) worth Shs11.5 trillion, up from Shs9.8 trillion registered the previous year. Read more. Source | Daily Monitor
Uganda is mainly an agricultural country, whose biggest population (80 per cent) live in rural areas and depend on subsistence agriculture.
Consequently, many economic and policy experts have urged government to increase its annual budget allocation to for meaningful social economic transformation to take place from the current 7 per cent to 15 per cent of Gross Domestic Product as recommended by the Maputo Declaration of 2003. Read more. Source | Daily Monitor
The Uganda Free Zones Authority (UFZA) has signed a Memorandum of understanding (MoU) with Trademark East Africa (TMEA) to guide the formation of an investment, trade and logistics hub in Jinja District as well as promote collaboration between the two organisations.
The logistics hub in Jinja is expected to boost economic growth, create employment and contribute towards sustainable and inclusive prosperity of the region by promoting the reduction of trade barriers and ensuring improved business competitiveness. Read more. Source | Daily Monitor
Uganda Coffee Development Authority (UCDA) has called for actualisation of policy prescriptions such as the action plan on Economic Diplomacy by the ministry of Foreign Affairs and ministry of Trade’s National Export Development Strategy to help more Ugandan firms expand business abroad.
These policies, UCDA’s market intelligence manager James Kizito, told Daily Monitor have a component of increasing Uganda’s exports with an emphasis on value added exports and service exports. Read more. Source | Daily Monitor
Uganda’s President Yoweri Museveni and Tanzania’s President John Pombe Magufuli will today officially launch the $12 million (Shs43.8 billion) Mutukula One Stop Border post (OSBP) facility that is aimed at reducing the cost of doing business.
The United Kingdom’s Development for International Development (DFID) funded the infrastructure component while the Canadian development agency and Global Affairs financed the operationalization of facility through Trademark East Africa.
The OSBP is a “one stop” form of border crossing point jointly managed by neighboring countries and where activities are streamlined to maximise efficiency. Read more. Source | Daily Monitor
Ministry of Trade has urged clearing agents and traders to embrace the Uganda Electronic Single Window System in order to speed up trade and customs clearance activities for goods and services.
The electronic single window, launched in 2016 by the ministry, is an online trade facilitation government initiative that, among others, enables international cross- border trade.
Through the system, traders are able to electronically submit their documents and information for clearance and certification to various government and regulatory agencies from a single location. Read more. Source | Daily Monitor
The Ugandan economy is not yet technology driven, but there are several innovations in the country that continue to show a future where technology is a major player.
Notably, the innovations around Fin-Techs have completely transformed the banking sector and exchange of goods.
In banking, the rise of mobile money has led to banks innovating products that reduce queues in banking halls. The innovation ecosystem continues to grow and this shows in the entries made into awards. At least 45 innovations are targeting Shs92.7m to win the MTN Innovation Awards 2017. Read more. Source | Daily Monitor