Uganda, Kenya Trade Volume on the rise Says Kamuntu Top story


In short
Kamuntu was the chief guest at dinner at Serena Hotel in Kampala where Kenyans converged ahead of Kenyas 55th Independence day also known as Jamuhuri day.

Tourism, Wildlife and Antiquities Minister, Professor Ephraim Kamuntu says trade between Kenya and Uganda is on the increase. He said the trade volume between the countries in the last two months totaled to USD  1.1 billion.

Professor Kamuntu observed that the increased volume of trade is a testimony of the benefits of good neighborliness with Kenya. He was  speaking as the chief guest at dinner where Kenyans converged ahead of Kenya's 55th Independence day also known as Jamuhuri day. The dinner was held at  Kampala Serena Hotel.

The event hosted by the Kenyan High Commissioner to Uganda Kiema Kilonzo was attended by Kenyans in Uganda, the business community and some diplomats.

Professor Kamuntu congratulated Kenya for celebrating 55 years of independence and for maintaining the good relation with the government and people of Uganda.

//Cue In; "Ugandans and Kenyans…

Cue Out…. and prosperous future."//

Kenya gained independence on December 12, 1963. The official celebrations are being held in Kenyan capital Nairobi. 

According to Kamuntu, the bilateral relationship between Kenya and Uganda are warm and anchored on brotherhood, mutual trust and respect.

Kamuntu said Uganda and Kenya are deepening ties of cooperation in many areas
Kenya's High Commissioner to Uganda, Kiema Kilonzo said there exists a huge trade potential between Kenya and Uganda but it has not been fully utilized. He suggested that two countries should address trade costs which he said constitutes a significant percentage of the final markets prices. 

//Cue In; "For our exports……
Cue Out…. non-tariff barriers."//

Kiema Kilonzo said international trade contribution to Kenya and Ugandan economies provides nearly 25 percent of their monetary Gross National Product (GNP) and a major source of their foreign capital inflow. 

Foreign Capital inflow is important for generating employment opportunities, easing balance of payments and tackling inflationary shocks among others. 

Kilonzo urged the business communities in the two countries interventions that will connect domestic and international market forces for geographical industrialization.

//Cue In;  "We all concede that ….

Cue Out… value chain promotions."//

Kenyan according to Kilonzo is now focusing its resources and energies are focused on areas like manufacturing, food security, affordable health, affordable housing and the blue economy.

He used the occasion to lobby Uganda to support Kenya's bid for the non-permanent membership to the United Nations Security Council 2021-2022.