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Considering Uganda’s efforts to raise $6 billion by opening the Russian market to Ugandan food goods and attracting investments in industrial and agricultural sectors, PACEID, a trade-focused organization, plays a significant role in supporting export infrastructure and market research, leading to increased monthly export profits for Uganda. Odrek Rwabwogo, PACEID chairman, emphasizes the need for balanced trade and partnerships with Russia.

With a goal of raising $6 billion, the objective was to open the Russian market to Ugandan food goods and to draw investment into thirteen industrial and agricultural areas.

PACEID focuses on export infrastructure, market research, trade representation, standards compliance, and finance support for companies with export orders. The greater recognition of Uganda as a source of food products has led to a large increase in the country’s monthly export profits.

Rwabwogo discussed Uganda’s trade reforms and urged Russian business people to collaborate with Uganda to set up a trade hub in Moscow that would be comparable to the one President Yoweri Museveni inaugurated in the Serbian city of Belgrade on Sunday.

Rwabwogo stressed the necessity of balancing trade and forming partnerships in an interview with Anna Suvchek, the editor of Russia’s National Business Review magazine.

“Trade shouldn’t only happen one way. We shouldn’t purchase pricey equipment from this place, and we shouldn’t offer you anything. To balance the trade is good for us, he remarked.

“Uganda is a democratic nation with skilled and committed leaders who promote free commerce, the sharing of ideas, and the exchange of goods. The value we add to trade and the amount of people we can free from poverty through commerce and exports to you and the rest of the world determine Africa’s standing in the world, he continued.

In order to enhance Uganda’s trade with the rest of the world, he urged the Russian business community to show a keen interest in the trade and export reforms Uganda is doing.

Rwabwogo emphasized the need for Africa to compete in profitable markets and lessen dependency on basic commodities at the discussion on July 30 hosted at the Airport Plaza Hotel in conjunction with the Russia-African Summit that ended in St. Petersburg.

“Africa must learn to compete in these lucrative markets; our companies must reduce and eventually eliminate the trade in basic commodities as a source of competitive advantage. Partnerships and capital attraction along with intellectual property is really what brings us here,” he said. 

Russia is a significant source of grain, fertilizers, Defence technologies, and pharmaceuticals for Africa.  

The business session was coordinated by Dennis Deninov and Bratislav Stoiljkovic, Uganda’s trade representative to the Balkans region.  

Representatives from the Alexander Gorkachov Fund, SMUVA, Meteors Travel, Russian Luxury Travel Association, and Gazprom Bank were among those present.

The presentation on education and science scholarships for Ugandan students from Russian Universities was also attended by Dr. Monica Musenero, the Minister for Science, Technology, and Innovation.

In order to address the corporate crowd at the Russia-Africa meeting, where several African nations had display stands, President Museveni was scheduled to speak. Tanzania eventually took over the Ugandan booth, which was left vacant.