The Presidential Advisory Committee on Exports and Industrial Development (PACEID) has signed a Memorandum of Understanding (MoU) with Masheda Foods Limited, a Uganda-Democratic Republic of Congo (DRC) enterprise to partner on opening the first Trade Hub in Kinshasa and other parts of Central and Southern Africa.
The pact will also see more trade hubs in other parts of Central and Southern Africa.
The signing was done by Matthew Bagonza, Head of Secretariat at PACEID, and Ms. Sherina Nabakooza Ainembabazi, the Chief Operating Officer of Masheda Foods Limited, and it was witnessed by Odrek Rwabwogo, the Chairman of the Presidential Advisory Committee on Exports and Industrial Development and Brenda K. Opus, Head of Markets-PACEID.
The MoU will allow Masheda Foods Limited, a Congolese-registered entity, to partner with PACEID on the export of fish and fish products, beef, dairy products, grains, and many other food and industrial products. It will also allow the two to work together on the price of cargo to reduce charges for Ugandan exporters into Kinshasa, manage publicity for Ugandan products, and ensure return cargo where possible for Congolese entrepreneurs to trade in Uganda.
Rwabwogo expressed optimism about the partnership saying, “I am happy that the efforts that we began in May 2022 to open trading relations at a company level are beginning to bear fruit and I thank our Trade Representative, Mr. Justin Katoto, who has worked on several issues including non-tariff trade barriers for Ugandan businesses to sell in DRC and exchange information and products with Congolese companies.”
In June, Uganda’s head of mission in Kinshasa, Ambassador Alhaji Farid Mansoor Kallisa, said Uganda has a trade surplus with DR Congo amounting to USD 53.07 million (Shs208.9 billion). Goods from DRC to Uganda include pal oils and paints while Uganda exports fish, mattresses, salt and cereals among others to DRC.