Uganda – South Africa business summit to open up trade markets
Stephen Asiimwe, the chief executive director at PSFU, noted that the main objective of the summit is to market Uganda's beauty and economic potential of becoming Africa's leading destination for trade, tourism and investment.
Over 160 businesses have registered to participate in the upcoming Uganda -South Africa Business Summit which will be held on February 27th – 1st March 2023 in Pretoria, South Africa.
So far, the highest businesses which have registered according to Private Sector Uganda Foundation (PSFU) are from the sectors of agriculture and agribusiness, tourism and hospitality, professional services, transport and logistics, energy and minerals among others.
Addressing the media on the matter at hand, Stephen Asiimwe, the chief executive director at PSFU, noted that the main objective of the summit is to market Uganda’s beauty and economic potential of becoming Africa’s leading destination for trade, tourism and investment.
He added that in addition, it will provide private sector companies a platform to create new markets and ways of hoe to facilitate doing business and identifying new opportunities.
“South Africa is one of the fastest growing sources of foreign direct investment for Uganda as South Africa’s exports to Uganda. In 2010 alone, Uganda attracted FDI of up to US$ 848 million. We also intend to link up with the Ugandan diaspora in South Africa to create partnerships with them on the many opportunities they are engaged in,” he added.
Assimwe highlighted some of the countries in which PSFU initiated and implemented business missions, which included Kenya, Tanzania, DRC, Burundi, South Sudan, UAE, Vietnam and USA among others.
According to Odrek Rwabwogo, a Senior Presidential Advisor on Special Duties, the Summit is one of the efforts to grow the Ugandan economy for the betterment of our people and for posterity.
He noted that on top of this, there’s a need for Uganda to study markets as one of the ways to increase revenue to the country, and deal with regulations and standards of goods exported to their countries.
Paul Amoru the the High Commissioner of Uganda to the Republic of South Africa, stated that in terms of valuing, Uganda exported goods worth US$27.34 million to South Africa in the financial year 2021/22.
“With this new effort of the summit, key government institutions have come up to strengthen the trade and meet a target of 50, 60 or US$ 100 million in a year. Whereas South Africa exported goods worth US$126 million to Uganda,” he explained.
Amoru noted that investment opportunities available for Ugandan investors in South Africa, include in the ago-processing sector, mining, fishing, medical, tourism, hotels and agriculture.
Among the activities which will be carried out at the summit include presentations on business climate and investment opportunities, plenary discussions, presidential state visit and delivering on business reports on investment among others.
Uganda’s quest for strong industrial growth and development is on an upward trajectory. Latest data sets suggest that Uganda has over 5,000 operational industries in various sectors.
