Equity Bank launches trade mission to foster Uganda-India business ties

KAMPALA, Uganda — Equity Bank launched a landmark trade mission on Monday, aiming to strengthen business ties between Uganda and India, as the two nations seek to boost bilateral trade and investment.

The two-day event brings together prominent business leaders from India and Uganda to explore potential collaborations in key sectors such as healthcare, information technology, agriculture, renewable energy, roads and transport, tourism, real estate and defense.

Anthony Kituuka, Equity Bank Uganda’s Managing Director, emphasized the importance of business partnerships in driving economic growth. “We are excited to create a platform that facilitates networking, benchmarks business opportunities, and provides valuable market intelligence,” Kituuka said.

Kituuka noted that the trade mission was about supporting people for the common cause of transforming their lives and livelihoods and propelling the African continent towards greater prosperity. “When we assemble in Kampala to expand opportunities for wealth creation, we are on course to change the destiny of our people. It is only through collaborations and partnerships that we progress and take Uganda to the next level.”

The trade mission aligns with Equity Group’s Africa Recovery and Resilience Plan, an initiative aimed at accelerating economic growth and fostering resilience across the continent. The plan has allocated $65 billion to support and empower the private sector and business community in developing and expanding their operations.

Indian High Commissioner to Uganda, Upender Singh Rawat, hailed the initiative, saying: “By harnessing our combined strengths, we are opening new avenues for trade and investment that will create lasting economic impact.”

“The India-Uganda Trade Mission represents a tremendous opportunity for both countries,” Rawat added.

Bilateral trade between Uganda and India is valued at over $1 billion annually, making India one of Uganda’s top trade partners. The trade mission is expected to further strengthen relations between the two nations.

Equity Group Holdings Plc, a non-operating holding company, has a significant presence in East Africa with banking subsidiaries in Kenya, Rwanda, Tanzania, Uganda, South Sudan, and the Democratic Republic of Congo.

Analysts say the trade mission is a pivotal step in enhancing bilateral trade and investment opportunities between Uganda and India, with potential for long-term economic growth and development.

“This partnership has the potential to unlock new opportunities for businesses in both countries,” Kituuka reiterated.

The trade mission concludes on Tuesday.