As Uganda seeks to strengthen economic ties with Venezuela, business people from the East African nation will get a chance to explore trade opportunities in the South American nation. This was revealed after a high-level courtesy visit to Uganda National Chamber of Commerce and Industry (UNCCI) by Ms Fatima Fernandes Juarez, Ambassador Extraordinary and Plenipotentiary of the Bolivarian Republic of Venezuela to Uganda, and Mr Rafael Arrundell James, the Deputy Head of Mission at the Venezuelan Embassy.
The meeting focused on building diplomatic and trade relations between the two countries and laid the ground work for future collaboration.
During the meeting, at the UNCCI secretariat in Kampala, Ambassador Fatima emphasized that the purpose of the visit was to discuss potential economic relations between Uganda and Venezuela, exploring opportunities for trade and investment.
Both the Ambassador and the Deputy Head of Mission highlighted their commitment to deepening ties between the two nations, with a strong focus on fostering enhanced trade relations. They expressed interest in leveraging Uganda's strategic location in East Africa as a gateway for Venezuelan products into the regional market, while also exploring the possibility of bringing Ugandan goods to Latin American markets.
It was from this strengthened relationship that Ambassador Fatima extended an invitation to UNCCI President Ms. Olive Kigongo to lead Uganda's business delegation at the upcoming International Congress of Entrepreneurs in Venezuela.
"As the President of UNCCI, I will be leading a business delegation from Uganda to participate in the upcoming International Congress of Entrepreneurs. The event, set to take place from March 17-19, 2025, in La Carlota, Miranda State, Venezuela, will provide a platform for Ugandan businesses to engage with their counterparts in Latin America, explore new markets, and promote cross-border investments," said Ms Kigongo.
The International Congress of Entrepreneurs is anticipated to serve as a hub for networking, business exchanges, and discussions on sustainable economic development. For Ms Kigongo and the UNCCI delegation, attending the event represents an invaluable opportunity to create strong business partnerships, share best practices, and gain insight into Venezuela's thriving sectors, including oil, agriculture, and manufacturing.
Uganda's participation is expected to bring significant benefits to the country's business community which include gaining direct access to the Venezuelan market, providing opportunities for local products to penetrate not only Venezuela but the broader Latin American and Caribbean markets. Uganda's agricultural products, such as coffee, tea, and fresh produce, could find a strong foothold in Venezuela, while Uganda's thriving craft industry could also capitalize on potential export opportunities
This, the organisers say, is in addition to business networking.
The initiative led by UNCCI aligns with Uganda's broader goal of diversifying its trade and investment partners. By fostering stronger ties with Venezuela, Uganda aims to reduce its overreliance on traditional markets and explore new economic opportunities that contribute to sustainable growth.