President Yoweri Kaguta Museveni has inaugurated the Uganda Trade Hub, known as Uganda Connect, in the capital city of Belgrade, Serbia. The establishment of this hub aims to strengthen bilateral relations between Uganda and Serbia while creating opportunities for Ugandan goods and services in the Balkans region.
During his two-day official visit to Serbia, President Museveni expressed gratitude to his host, H.E Aleksandar Vucic, and the Serbian government for providing Uganda with a platform to promote its exports in Europe. He emphasized the significance of promoting Ugandan processed coffee in Serbia and neighboring regions, stating that Serbia has agreed to purchase their processed coffee.
President Museveni highlighted the importance of the trade hub in boosting Uganda’s exports by serving as a central point for various contacts and linkages, simplifying the process for potential buyers seeking Ugandan products.
He thanked the people of Uganda, the Presidential Advisory Committee on Exports and Industrial Development (PACEID), and other stakeholders for their contributions to achieving this milestone in promoting Ugandan agricultural products globally.
Regarding the potential financial benefits, President Museveni revealed that selling processed coffee could yield $40 per kilogram, compared to only $2.5 per kilogram for unprocessed coffee, indicating the considerable value of adding value to their exports.
The President also commended Uganda’s trade representative in Serbia, Mr. Bratislav Stoiljkovic, for his dedicated efforts in establishing a new trade and investment bridge between the two nations.
President Museveni discussed the issue of tax on processed coffee and revealed that he had raised the matter with President Vucic, who promised to address it. He also mentioned that President Vucic would visit Uganda for the Non-Aligned Movement (NAM) summit in January the following year.
Serbia is a landlocked country in Southeastern and Central Europe, and its economy is classified as an upper-middle-income economy in the Balkans, with services contributing significantly to its GDP. According to the International Monetary Fund, Serbia’s nominal GDP in 2022 was officially estimated at $65.697 billion, while purchasing power parity GDP stood at $153.076 billion.
The economy relies on a free-market system, with services constituting 67.9% of GDP, followed by industry at 26.1%, and agriculture at 6%.
