The maiden Uganda – South Africa Trade, Tourism and Investment Summit is scheduled for February 27th and 28th in Cape Town, the Uganda High Commissioner to South Africa, Ambassador Paul Amoru has said.
Organized jointly by the Private Sector Foundation Uganda (PSFU) with the Uganda High Commission in Pretoria and the Ministry of Foreign Affairs, and supported by the Presidential Advisory Committee on Export and Industrial Development (PACIED), the Summit is geared towards ensuring a more balanced trade relationship between Uganda and South Africa.
According to Ambassador Amoru, the Business Summit will focus mainly on manufacturing, mining, energy resources, agro-processing, ICT, power generation, education and infrastructure development among others.
He believes that in the 2 to 3 years, trade volumes between Uganda and South Africa will further increase.
South Africa is one of Uganda’s biggest trading partners.
In 2021, the volume of trade between Uganda and South Africa was approximately USD 194 million.
The Summit comes just months after Uganda and South Africa held the second Joint Commission of Cooperation (JCC) after 10 years.
The JCC held in July last year aimed to strengthen the “existing excellent and cordial bilateral relations” and deepen cooperation between both countries.
During the meeting, both countries discussed matters trade, that included the elimination of Non Tariff Barriers (NTBs), reduction of the cost of doing business between both countries, and protection of investments among others.
The South African Minister of International Relations and Cooperation, Dr Naledi Pandor said that issues concerning trade and investment are very vital, emphasizing that the two nations must address the cost of doing business between both countries, and the elimination of Non Tariff Barriers.
“Issues related o trade and investment are critical. We need to address all the challenges that threaten and derail the deepening and expansion of our bilateral cooperation. A clear way forward has to be agreed in relation to the implementation of the signed bilateral agreements and the review of the dormant agreements ought to be conducted thoroughly with a view to explore new areas of cooperation,” Naledi said.
“As South Africa, our objectives for this Second Session of the JCC include conducting deliberations that lead to the reduction of the cost of doing business between the two countries, removal of barriers to market access for products originating from our two countries, exploration of ways to promote protection of investments, especially in view of the fact that the Africa Continental Free Trade Area (AfCFTA) has been ratified by our governments,” she added.
Uganda and South Africa enjoy excellent, historical bilateral relations forged over several decades.
The Minister of State for Foreign Affairs, Henry Okello Oryem said the engagement is a vehicle in furthering both countries’ bilateral ties, adding that it will bring benefits for the two peoples.
“It will promote mutual prosperity through trade, investment and tourism. It will contribute to eradicating poverty, increasing household income, and creating decent jobs for our youths, and creating prosperity for all,” said Minister Oryem.
Various South African private sector companies dominate Uganda’s market in various sectors that include; banking, telecommunications, among others.
On January 11, 2023, Ambassador Amoru, PACIED Chairman, Odrek Rwabwogo, and other relevant stakeholders were hosted by the PSFU for the first preparatory meeting of the upcoming Uganda-South Africa Trade, Tourism, and Investment Summit.