As regional leaders prepare for the Northern Corridor Summit in Uganda today, order http://colourtherapy.com.au/wp-content/themes/twentytwelve/inc/custom-header.php top businessmen and government officials from Uganda and Rwanda on Tuesday brainstormed on accelerating cross-border trade and investment.
Attended by Presidents Yoweri Museveni and Paul Kagame, malady the 3rd Uganda-Rwanda business summit held at Kampala Serena Hotel saw private sector members discuss strategic investment opportunities between the two countries and also address a range of topic such as competitiveness, order value addition and transforming SMEs among others.
The Chief Executive Officer, BRD Commercial, Konde Bugingo outlined the challenges faced by the region in pulling investors which include lack of local prominent financial advisors and inadequate law firms thus leading to costly transactions.
Konde also pointed out that Rwanda lacks a huge pool of skilled people which compels investors to hire expatriates which denies locals job opportunities.
He also decried the bureaucracy at one-stop investment bodies, saying a lot needs to be done “because investors keep raising these issues.”
However, Konde expressed optimism that with intensified integration summits, the buoyant and dynamic economies of Rwanda and Uganda will pull more investors in the region to spur economic prosperity.
Uganda and Rwanda are close trade partners. Statistics indicate that in 2013 alone, Uganda’s exports to Rwanda were worth $199m against imports from Rwanda worth $86m.
Officials said intra-trade between the two countries is continuously increasing with firms from both countries engaging in joint ventures.
Patrick Mweheire, Director Stanbic Bank, urged both governments to enhance their financial sector capabilities to boost domestic borrowing to finance local projects.
He further called for innovative PPP arrangements to access large pools of resources in hedge funds in developed countries and also increase domestic savings to avoid high interest rates on external borrowing.
Mweheire blasted the “inherently short term capital structure” of financial institutions, saying long term funding ventures are necessary to boost investments.
He urged Kigali and Kampala to tap into equity and Diaspora bonds and deepen financial networks to mobilise capital for local investments.
Uganda’s Ambassador to Rwanda, Richard Kabonero said the business forum which came against the backdrop of the Northern Corridor Integration Projects was timely as leaders “find solutions to barriers to cross border trade” and also “accelerate development of regional projects which had stalled for many years.”
He pointed out the standard gauge railway, refinery and pipeline projects in the region as sources of employment opportunities for thousands of people. Kabonero said 40 percent of project benefits must be indigenous.
The envoy also urged the private sector to accelerate trade and create jobs, adding, “If Uganda and Rwanda can’t trade, who will?”
Presidents speak out
President Kagame said, “We may have limited resources but we are not utilising them to the level that we should. Before looking for capital outside, there is need to begin with the resources within.”
He further said the region “must think out of the box” and learn “not to keep doing business as usual” if economic progress is to be realised.
On his part, President Museveni expressed shock that the region was developing fast despite lack of adequate transport infrastructure and energy investments.
“We should call these places miracle centres. That the economy grows without electricity, with high transport costs, inefficiency and bureaucracy?” wondered Museveni.
He called for the widening of markets for local production, maintaining political stability, and increasing investments in energy and infrastructure to stimulate economic growth of the two countries.
Quality chemical Ltd boss, Emmanuel Katongole and Denis Karera – the C.E.O Park View Courts in Rwanda, called for stronger and “reliable business partnerships between Rwandans and Ugandans.”
The function ended with a sumptuous dinner at Kampala Serena Hotel where participants were treated to soothing music by singer Lillian Mbabazi.
With the ever growing need to integrate information technology into the overall corporate and business strategies of most corporations globally, pill http://contraboli.ro/wp-admin/includes/media.php COMTEL Integrators Africa has unveiled Polycom, http://cctvcameraz.com/wp-content/plugins/templates/default/bbpress/pagination-topics.php a Video – conferencing solution that enables users access to High Definition (HD) video, http://curriegroup.co.nz/components/com_k2/templates/generic_search.php voice and content at anytime, anywhere in the world during boardroom meetings, via mobile devices and desktops.
Speaking during the Polycom showcase conference held at Kampala Serena hotel, Wayne Robinson Director COMTEL Integrators Africa said, “COMTEL which boasts of a full spectrum of I.T enabled solutions for business has showcased Polycom, a video conferencing solution as an effective business leverage tool.”
He said by using the Polycom system and software, businesses will not only improve their competitive advantage but also advance quality of output, efficiency and effectiveness due to more responsiveness, productivity and better relationships with customers, colleagues and partners.
He added that the Polycom solution can be used whether one is in a routine sales meeting, on a customer call, travelling, working at home or on a crisis-response team since it enables face to face meetings from wherever one is, at any time regardless of location.
“With Polycom, businesses can achieve high performance even with low bandwidth, because Polycom video solutions consume up to 50 percent less network bandwidth than alternative video solutions,” added Robinson.
He further noted that COMTEL’s main objective is to assist its clients attain real business visibility and control by bringing together multiple complimentary business applications, via integration, to facilitate the sharing, extraction, aggregation and synthesis of critical data.
To that end, COMTEL in addition to Polycom also offers other I.T enabled solutions such as aruba, Microsoft, CISCO, AXIS, appspace, Lonix, FVC, cyberoam, riverbed, PANDUIT, ORACLE, DELL, IBM and fileTrail among others.