Ugandan Businesses Benefit from Streamlined Banking with China: Finance Official
Ugandan businessmen traveling to China no longer need to carry large sums of money thanks to an increasingly streamlined banking system that allows for seamless financial transactions, said an official with the country’s finance ministry.
In a recent interview with China Global Television Network (CGTN), Margret Naikoba, head of the E-Cash Section under Uganda’s Ministry of Finance Planning and Economic Development, outlined how the new banking system lets Ugandans do business in China with ease.
“At the moment, Uganda’s businessmen do not have to carry large sums of money from Uganda to China. With the ease of this banking system around, Ugandan businesses just have to come with their ATM [cards] and they can withdraw money from China here and carry out their business transactions and go back home. Now, the other achievement, also, maybe the last one, would be that the partnership is opening up accounts from traders in Uganda and in China. This can be done easily. In Uganda, you can open up an account with the ICBC, and even in China here, and businesses who come here and have a currency and transact easily. This has enabled them through their businesses either way, both in China and in Uganda,” she said.
As Beijing gears up for the Summit of the Forum on China and Africa Cooperation (FOCAC) from September 4 to 6, Uganda is setting its priorities for the meeting. Naikoba highlighted several areas of focus as laid out by Ugandan Finance Minister Matia Kasaija.
“One of them is the value addition in agriculture. That one is key under the priority areas to be looked at. He also wants us to look at tourism. He wants us to look at mineral development in the areas of oil and gas, particularly now also science, innovation, and technology. Those are areas of priority in our government. Then he also wishes to have investments in the maintenance of existing infrastructure and then maybe development of industrial parks. Of course, this is when we’re coming with development partners to come and partner with us and carry out these developments. So more ambition at the FOCAC summit regarding these investment and strategies,” Naikoba said.
The streamlined banking system between Uganda and China is facilitating smoother business transactions and enhancing economic cooperation between the two countries. This development is expected to further strengthen ties and boost trade and investment opportunities for both nations.
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