The British Chamber of Commerce has launched its offices in Kampala, seeking to boost business ties between British and local traders.
A dispatch released after the launch said it will act as a collective voice and use the business community’s influence “to engage in trade policy, reduce barriers to entry, and increase trade and investment”.
“From networking opportunities, business advocacy, educational seminars, and exclusive members’ benefits, the Chamber is dedicated to helping UK businesses in Uganda of all sizes to prosper,” reads the statement released on Wednesday.
According to the United Kingdom’s Department for Business and Trade, the total trade in goods and services between the UK and Uganda stood at £287 million ($369 million) as at March this year, a decrease of 31.7 per cent or £133 million ($171 million) in current prices from March 2023.
Total UK exports to Uganda amounted to £198 million ($254 million) in the four quarters to the end of Q1 2024, translating into a decrease of 39.6 percent, compared to the four quarters to the end of Q1 2023, while the total UK imports from Uganda amounted to £89 million ($114 million) in the four quarters to the end of Q1 2024, which is a decrease of 3.3 percent or £3 million ($3.86 million).
Brendah Akankunda, a trade and investment policy analyst, said the trade relationship between Uganda and the UK recently experienced a downturn in trade volume. This, she said, could be attributed to the UK’s exit from the European Union (Brexit).
“On one hand, Brexit might have contributed to the reduction in trade with Uganda, as the UK reconfigures its supply chains and trade relations … However, it also opens up new opportunities for Uganda to negotiate more favourable terms directly with the UK,” she said.
