Uganda National Commodities Exchange has entered into a joint business venture with the government to boost trade, officials said in a recent meeting with the Minister of Trade Industry and Cooperatives, Ameria Kyambadde.
“We have undertaken a Joint business venture with government. We the private sector and the government will work together to increase trade on Ugandan commodities.
The private sector will own 80% in stakes while government will retain 20% of stakes in Uganda National Commodities Exchange,” said Chris Kaijuka, Board Chairman Uganda National Commodities Exchange in an interview recently.
He said the intention for undertaking a joint business venture with government was purposely vested on the requisite to easy trade across all platforms and the ever increasing demand to open markets for Ugandan commodities across the region.
Kaijuka announced that Uganda National Commodities Exchange currently has 1billion shares under its collaboration with the government and that, the board will announce to the public when to buy these shares at an appropriate time.
He said Uganda Corporative Alliance (UCA), The Grain Council of Uganda (TGCU), Uganda National Farmers Federation (UNFFE), Uganda Commercial Farmers Association (UCFA) and Uganda Coffee Federation (UCF) are the four members of Uganda National Commodities Exchange that entered a joint business venture with the government of Uganda.
Kaijuka also told the East African Business Week that under this scheme, the government of Uganda will be represented by Uganda Development Corporation while the private sector will be epitomized by the board Uganda National Commodities Exchange.
The Permanent Secretary Ministry Trade Industry and Cooperatives, Ambassador Julius Onen who doubles as chair of the steering committee to the Joint Business venture said all the necessary policies and Memorandum of Understanding have been put in place and that President Yoweri Museveni is expected to officially launch their operations early next month.