Trade grows by US$8m

KAMPALA — Trade volumes between Uganda and Turkey rose from US$41m in 2019, to US$63m in 2020, before increasing further to US$71m in 2021. Trade volumes between Uganda and Turkey grew by US$8m between 2020 and 2021, according to Uganda Investment Authority (UIA). Speaking during the Uganda Turkey Investment Trade, Industry and Tourism Summit, in Kampala yesterday, Robert Mukiza, the UIA director general, said trade volumes between the two countries rose from US$41m in 2019, to US$63m in 2020, before increasing further to US$71m in 2021. Interestingly, he said, Uganda’s exports to Turkey have been rising, indicating that the growth in trade has been a two-way a air. —

JOHANNESBURG — South Africa will need to attract investment of US$14 billion (around R224 billion) if it is to develop a substantial green hydrogen industry, the head of the government’s climate nance task team said. An initial amount of US$1 billion would be needed to create an industry that could export 20 000 tons of the climate friendly fuel annually and a further US$13 billion to attain a 270,000 ton target, Daniel Mminele, the task team head, said in a speech this week, a copy of which was seen by Bloomberg. Mminele, a former central banker, was this year appointed to negotiate details of an o er of US$8.5 billion in climate nance from some of the world’s richest nations to help South Africa cut its reliance on coal. — Bloomberg