Uganda seeks Bangladesh investment in agro industry

DHAKA, BANGLADESH – Uganda’s High Commissioner to Bangladesh, Ambassador Joyce Kakifunda, has invited Bangladesh to invest in Uganda’s thriving agro industry, emphasizing the country’s favorable business environment and potential for collaboration in the cotton value chain.

This partnership would significantly boost Bangladesh’s textile industry, one of the country’s largest export earners. Uganda’s cotton production could provide a valuable source of raw materials. President Mohammed Shahabuddin welcomed the invitation, stressing the importance of strengthening bilateral ties.

Bangladesh has expressed interest in Uganda’s cotton production to support its textile industry. Additionally, Bangladeshi NGOs, such as BRAC, are operating in Uganda, contributing to social development and poverty alleviation. The two countries have signed an MoU for agricultural cooperation, paving the way for increased trade and economic collaboration.

Uganda and Bangladesh have seen a significant increase in trade in recent years. Exports from Uganda to Bangladesh rose from $654,000 in 2016 to $2.98 million in 2021, while exports from Bangladesh to Uganda increased from $3.82 million in 2016 to $7.49 million in 2021. A trade deal between the two countries is also in the works.

Uganda’s agro industry accounts for approximately 25% of its GDP, employing millions and providing opportunities for value addition and export. The country’s growth is estimated to reach 6.0% in FY24, driven by favorable weather conditions, investments in the oil sector, and progress on implementation of the Parish Development Model.