Summary:
- “Since 1986, we have been on a path of growth, and I want to thank China for its cooperation. Your economic progress significantly impacts Africa’s growth, and we appreciate your contributions to Uganda’s economic development,” remarked Minister Musasizi during a meeting with members of the Financial and Economic Committee of China’s National People’s Congress in Kampala on Monday.
KAMPALA: Minister of State for Finance, Henry Musasizi, has called on the Chinese government to partner with Uganda as the country aims to grow its economy from $55 Billion to $500 Billion by 2039, following China’s successful growth trajectory.
“Since 1986, we have been on a path of growth, and I want to thank China for its cooperation. Your economic progress significantly impacts Africa’s growth, and we appreciate your contributions to Uganda’s economic development,” remarked Minister Musasizi during a meeting with members of the Financial and Economic Committee of China’s National People’s Congress in Kampala on Monday.
He continued, “We have collaborated with China on several projects, particularly in infrastructure, energy, oil and gas, and human capital development. As we pursue our ten-fold growth strategy, we are focusing on key sectors such as agriculture especially agro-processing, tourism, minerals, oil and gas, and science and innovation.”
Deputy Speaker Rt. Hon. Thomas Tayebwa expressed gratitude for the $51 billion investment pledged by the Chinese government for Africa over the next three years, emphasizing that such funding is vital for improving livelihoods in Uganda and across the continent.
However, he raised concerns about the significant trade imbalance between Uganda and China, noting that Uganda’s exports are much lower than its imports.
“President Xi Jinping’s pledge of $51 billion for various programs in Africa will support economic development and strengthen cooperation between Uganda and China,” Tayebwa stated.
He added, “As Parliament, we will ensure that relevant government departments receive the support needed to fulfill our commitments. Uganda and China share a strong, historical relationship that has evolved into a Comprehensive Cooperative Partnership. We must optimize the benefits of this partnership to enhance Uganda’s economic transformation and prosperity.”
Tayebwa acknowledged China’s provision of duty-free and quota-free market access for 98 Ugandan tariff lines, but emphasized the need for increased exports to bridge the existing trade gap.
“Currently, Uganda’s exports to China include fish, hides, timber, and coffee, with total earnings of $94.93 million compared to $1.817 billion in imports,” he explained.
He added “We need to enhance our export capabilities, particularly for beef, pepper, and aquatic products, as protocols for these have already been established.”
He thanked China for its donation of 4 billion shillings worth of anti-malaria drugs to the Ministry of Health in April 2024 and called for further assistance to boost Uganda’s tourism sector.
“Tourism is one of Uganda’s largest foreign exchange earners. We are proud to be ranked among the world’s top tourist destinations, and with China granting Uganda Approved Destination Status, we hope this visit will elevate Uganda’s profile in China as a premier tourist destination. We invite Chinese investors to explore the beauty of Uganda, the Pearl of Africa.” He said.
