The Embassy of the Republic of Korea has eased Uganda’s task of sourcing investments from the 11th biggest economy in the world, by translating key investment-related information into the Korean language.
In a book titled “A Guide to Business in Uganda,” The Korean Embassy has demonstrated interest and willingness in persuading the private sector and businesses back home to come invest in the East African country and make partnerships with Uganda’s private sector.
Published mostly in Korean, the Guide to Business in Uganda provides detailed information on Uganda’s investment climate which includes the country’s legal regime, the tax system, the business registration framework, travel information as well as basic information on the country and numerous investment opportunities Uganda has to offer.
The Uganda Business Guide, according to Embassy of Korea Officials, will be made available online on the Embassy of Korea Website.
Whereas other African countries have embassies from where interested business persons can obtain information on investment and trade opportunities, Uganda does not have a mission in Korea.
The Uganda Business Guide will therefore prove to be a handy tool for informing investors about the investment climate in Uganda, one of the lucrative markets as well as source of raw materials sought after by many business persons world over.
The Embassy of Korea in Uganda says that although efforts have been made to strengthen bilateral ties between the two countries, Uganda’s exports to Korea as well as the presence of Korean businesses in Uganda remains far below compared to that in neighbouring countries.
The Business guide is one of the many follow-up events by the Embassy of Korea to deepen cooperation and exchanges between the private sectors of both countries.
In 2019 for example, the Embassy of Korea organized the business seminar with the objective of deepening mutual understanding of the two countries’ economies, trade and investment policies, as well as to learn about mutual economic interests and share ideas on how to advance bilateral economic cooperation.
Since the reopening her Embassy in Uganda in 2011, bilateral ties between the two countries have grown markedly. For example the heads of state of both countries have made exchange visits to either country starting with President Yoweri Museveni’s visit to Seoul in 2013. This was reciprocated by the visit of former President Park Geun-hye in 2016.
“We still have a long way to go to advance private sector cooperation. Although Uganda steadily increased its exports to the world, its performance in the Korean market has lagged far behind its neighboring East African countries. Likewise, Korean companies have a weak presence in Uganda, mainly due to the lack of awareness of this country, one of the fastest growing economies in the world,” said Kim Ah Young, the Deputy Chief of Mission Embassy of Korea.
Besides the bilateral ties, the Korean Embassy says numerous efforts have been made to facilitate private sector cooperation and people-to-people exchanges with African countries, including Uganda. In 2017, the Korea-Africa Foundation was established under the Ministry of Foreign Affairs to strengthen cooperation in this realm.
“This book will be an important stepping stone for the success of the forthcoming events on private sector cooperation. Moreover it will help expand Korean SMEs’ understanding of Uganda’s current economic trends and policies, and how Korean investors knock into the Uganda’s gate easily. Also it will also show how our development cooperation contributes to building the business capacity of Uganda.
The officer of the Embassy of Korea said that it is my strong belief that enhancing availability of information of a country’s business opportunities is of paramount importance. I am sure this would greatly facilitate more Korean investment in Uganda.