The Oman Chamber of Commerce and Industry (OCCI) signed a memorandum of understanding (MoU) with the Uganda National Chamber of Commerce and Industry (UNCCI).

The memorandum aims to develop economic and trade relations between the two countries, strengthen cooperation between private sector organisations, encourage trade and investment initiatives, establish partnerships and expand business ties.

Areas of cooperation include exchanging economic and trade information, data and reports, promoting awareness of markets and investment opportunities, encouraging direct contact between businesspeople, organising trade delegations and participating in exhibitions and economic events. The memorandum also provides for exchanging expertise in foreign trade and export promotion, and facilitating visits by business delegations.

The signing took place during a meeting between Faisal Abdullah Al Rawas, Chairman of the OCCI, and a delegation from the Uganda National Chamber of Commerce and Industry, headed by Karamagi Alpha Charles, who is visiting the Sultanate of Oman.

The meeting explored ways to strengthen trade and investment cooperation between Oman and the Republic of Uganda, and expand partnerships between private sector organisations in both countries.

The delegations discussed investment opportunities in agriculture, agro-processing, tourism, mining, science, technology and innovation, including the potential for joint projects and partnerships. The visiting  delegation also outlined the incentives and facilities offered by Uganda to encourage investment and attract investors to priority sectors.

The meeting also discussed developing a joint action plan to implement the memorandum of understanding and appointing a contact person at each Chamber to oversee implementation and coordination.

They explored exchanging information on major exhibitions and economic events in both countries, enabling businesspeople to identify opportunities for participation and to establish direct commercial relationships.

The meeting also discussed coordinating with relevant Omani authorities to strengthen partnership and cooperation opportunities.