Uganda sends officials for Commonwealth trade forum in Bangladesh

Uganda will seek to boost trade by taking part in the Commonwealth Trade and Investment Forum (CTIF) in Dhaka, Bangladesh.
A statement from the Commonwealth Enterprise and Investment Council (CWEIC) said the country delegation will be led by the Minister of Trade, Industry, and Cooperatives, Francis Mwebesa.
CWEIC, who are organising the forum said the event will take place on September 13 and 14.

“The Forum will draw together a number of global business leaders and ministers for a series of networking opportunities and panel discussions,” CWEIC said.
More than 150 international attendees are expected, with discussion panels set to focus on issues such as green financing, mental health in the workplace and global supply chains. 
The forum will be opened by Sheikh Hasina, the Prime Minister of Bangladesh.

The Commonwealth Trade and Investment Forum is organised by CWEIC in partnership with the Bangladesh Investment Development Authority (BIDA), Bangladesh Ministry of Foreign Affairs and ZI Foundation.
Mwebesa was invited to take part in a panel on ‘Attracting Investment, Commonwealth Expertise’ and will offer his expertise on positioning Uganda as a hotspot for inward investment. 
The Minister emphasised the significance of boosting Commonwealth trade. “A substantial demographic of women and youth in Africa resides in rural areas, particularly within the agricultural sector," Mwebesa was quoted as saying.

“Our primary objective should centre on fostering opportunities through trade, investment, and industrialisation to enhance their livelihoods, while simultaneously harnessing their potential for job creation and wealth generation,” he added.

Commonwealth countries, despite lacking formal trading bloc status, enjoy a significant trade advantage due to historical ties, similar administrative and legal systems, widespread use of the English language, and large diasporas, the organisers said. 

This translates into an average 21 percent reduction in bilateral trading costs, commonly referred to as the 'Commonwealth Advantage.'
Uganda has been pushing forward with Commonwealth engagement, and in February this year, President Museveni hosted Lord Marland, Chairman of CWEIC, at the State House for discussions aimed at fostering closer cooperation with the Commonwealth.

In partnership with BTP Advisers, CWEIC also welcomed President Museveni to London in December 2022 for a morning of critical discussions revolving around Uganda's aspirations to attract more foreign investment and promote its primary export commodities. 

CWEIC operates across the Commonwealth to strengthen trade and investment links among its 56 member states. It works alongside around 150 business and government Strategic Partners to build connections and unlock investment opportunities and has relationships with globally recognised names such as Standard Chartered and BP. In Uganda, CWEIC counts the Madvhani Group and ALP East Africa amongst its Strategic Partners.