Uganda-China Bilateral Trade Hits $1.1B

President Museveni meets with a delegation from the National People’s Congress (NPC) of China, led by the standing committee's Deputy Chairman, Mr Luosang Jiangcun, at State House Entebbe on November 22, 2023. PHOTO/PPU

Summary:

  • Bilateral trade between Uganda and China reaches a record $1.1 billion, marking a 16.1% increase over the last year, with the Chinese Ambassador attributing the growth to the country’s sustained peace and stability, while also urging protection for Chinese investors from extortion.

The Chinese government reports a notable 16.1% surge in bilateral trade between Uganda and China, reaching a record high of 1.1 billion US dollars over the past 12 months. Zhang Lizhong, the Chinese Ambassador to Uganda, highlights the growth in bilateral trade, emphasizing an increase from 800 million US dollars in 2017. This positive trend is attributed to the prolonged peace and stability experienced in the country.

Zhang points out that China and Uganda have consistently seen a rise in trade volume for six consecutive years. Citing the latest statistics from January to October of the previous year, he notes a 16.1% overall increase in bilateral trade, totaling 1.1 billion US dollars. Furthermore, Uganda’s exports to China have grown by 25%.

Speaking at the launch of the Uganda taxation handbook for the Chinese business community in Uganda, Zhang addresses Chinese investors and urges the government to safeguard them from unscrupulous individuals attempting to extort money from them.

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Busiinge Aggrey
Busiinge Aggrey
Business Aggrey" is a 23-year-old Ugandan journalist and Editor-in-Chief at The Black Examiner newspaper