KAMPALA
The Uganda National Chamber of Commerce and Industry (UNCCI) is set to take a significant step towards strengthening Uganda’s economic ties with Venezuela. This follows a high-level courtesy visit by Her Excellency Ms. Fatima Fernandes Juarez, Ambassador Extraordinary and Plenipotentiary of the Bolivarian Republic of Venezuela to Uganda, and Mr. Rafael Arrundell James, the Deputy Head of Mission at the Venezuelan Embassy. The meeting focused on building diplomatic and trade relations between the two countries and laid the groundwork for future collaboration.
During the meeting, at the UNCCI secretariat in Kampala, Ambassador Fatima emphasized that the purpose of the visit was to discuss potential economic relations between Uganda and Venezuela, exploring opportunities for trade and investment. Both the Ambassador and the Deputy Head of Mission highlighted their commitment to deepening ties between the two nations, with a strong focus on fostering enhanced trade relations. They expressed interest in leveraging Uganda’s strategic location in East Africa as a gateway for Venezuelan products into the regional market, while also exploring the possibility of bringing Ugandan goods to Latin American markets.
It was from this strengthened relationship that Ambassador Fatima extended an invitation to UNCCI President Ms. Olive Kigongo to lead Uganda’s business delegation at the upcoming International Congress of Entrepreneurs in Venezuela.
“As the President of UNCCI, I will be leading a business delegation from Uganda to participate in the upcoming International Congress of Entrepreneurs. The event, set to take place from March 17-19, 2025, in La Carlota, Miranda State, Venezuela, will provide a platform for Ugandan businesses to engage with their counterparts in Latin America, explore new markets, and promote cross-border investments,” said Kigongo.
The International Congress of Entrepreneurs is anticipated to serve as a hub for networking, business exchanges, and discussions on sustainable economic development. For Ms. Kigongo and the UNCCI delegation, attending the event represents an invaluable opportunity to create strong business partnerships, share best practices, and gain insight into Venezuela’s thriving sectors, including oil, agriculture, and manufacturing.
Opportunities for Uganda’s Business Community
Uganda’s participation in the fair is expected to bring significant benefits to the country’s business community:
1. Market Expansion: Ugandan businesses will gain direct access to the Venezuelan market, providing opportunities for local products to penetrate not only Venezuela but the broader Latin American and Caribbean markets. Uganda’s agricultural products, such as coffee, tea, and fresh produce, could find a strong foothold in Venezuela, while Uganda’s thriving craft industry could also capitalize on potential export opportunities.
2. Business Networking and Knowledge Sharing: The congress will bring together entrepreneurs, investors, and key stakeholders from across Latin America and Uganda, providing a chance for valuable networking. Sharing knowledge and fostering connections could result in long-lasting business relationships that promote mutual growth.
A Step Towards Economic Diversification for Uganda
This initiative, led by UNCCI, aligns with Uganda’s broader goal of diversifying its trade and investment partners. By fostering stronger ties with Venezuela, Uganda aims to reduce its overreliance on traditional markets and explore new economic opportunities that contribute to sustainable growth.The forthcoming event in Venezuela is poised to be a milestone in Uganda’s trade relations. It will help foster long-term partnerships that will benefit both nations and significantly impact Uganda’s economic growth and development.