16/08/2011 (East African Business Week) - Business people from Uganda will benefit from bilateral investment and trading relations with their counterparts from Thailand, one of Asia's major economies.

The trading relations that cover several businesses revolving around textile, property development, agricultural machinery, construction, beverage distributors, restaurants, tours and travel and palm oil processing (production of both bio-diesel and palm oil) will benefit from the market in Thailand.

The bilateral relations target Thai investors with businesses that relate to those in Uganda and can aid each other to develop through market expansion in the two countries.

The Minister Counselor of the Royal Thai Embassy in Nairobi, Mr. Suebsak Dangboonrueng said the delegation chose Uganda because of the steadily growing economy as a suitable destination for trade and investment.

"Even though there have been trade relations between Uganda businessmen and others from Thailand, there is need to have organized trade relations to promote Uganda and East Africa at large," said Suebsak at ceremony in Kampala recently.

Consul general of the Royal Thai Consulate in Uganda, Mr. James Mulwana cited the 21st century as the period of Africa to do businesses with countries that have already made it like Thailand.

"Thailand developed through agriculture therefore the business match is an opportunity that we really need in Uganda given the fact that Uganda also relies most on agriculture," industrialist Mulwana said.

Mulwana said that the department of Export Promotion under the Ministry of Commerce in Thailand will introduce Ugandan investors to a wider Thailand business community.

He commended the high rate of growth in Thailand saying Uganda, which was ahead of Thailand at one point in time can emulate them.

Mr. Thabit Saleh, the Director of Uganda Gas and Merchandise Company (UGMC) and the coordinator of the partnership between the Thai business community and Uganda Manufacturers Association (UMA) said the partnership will foster the setting up of Thai-Uganda business council.

"The business council will provide leadership in increasing international trade and investment flows between the two countries and integrate Uganda into the global market," said Saleh.

Ms. Lawan Lertsiripanich from Rungpattana Textile in Thailand was overwhelmed by the spirit of investment by Ugandans and welcomed the idea of partnering with other investors here.

"It is rewarding to partner with people who can add value to both businesses through building on their ideas and widening the market segment to include people outside the manufacturing sector," Lawan noted.