Kampala – Preparations are in high gear for the Uganda – South Africa Business, Investment and Tourism summit that will take place in Cape town, South African next month.
The two-day summit being organized by the Uganda High Commission in Pretoria together with Private Sector Foundation Uganda (PSFU), the Ministry of Foreign Affairs and supported by PACIED is scheduled for 27th – 28th February 2023.
The summit is geared towards ensuring a more balanced trade relationship between Uganda and South Africa.
According to Paul Amoru, Uganda’s High Commissioner in South Africa, the Business Summit will focus mainly on manufacturing, mining, energy resources, agro-processing, ICT, power generation, education and infrastructure development among others.
“The primary objective of the summit is to provide a platform to the private sector, government and regulatory agencies to freely exchange views, ideas and information on how to facilitate doing business, identify existing and emerging business opportunities, key stakeholder mapping, how to overcome challenges, business strategizing, exchange programs, creation of networks, sourcing business finances, and markets identification among others,” Said Amb Amoru in an interview with LBS Newsday on Thursday.
He added, “We believe that in the next 2-3 years, trade volumes between Uganda and South Africa will increase
to between USD 50 and USD 100 million. As we speak, it has grown from USD 9 million in 2017 to now about USD 27 million and with the efforts that we are putting in place, that’s going to open new markets for Ugandan products into that market.
The Ambassador was in Kampala to engage with different Government Ministries, Departments and Agencies (MDAs) as well as members of the private sector in preparations for the forthcoming summit.
The business summit is expected to be presided over by the Heads of State of Uganda and South Africa or their representatives and attended by Ministers, heads of Government Departments and Agencies and Policy Makers.
Selected business communities from both Uganda and South Africa will also attend the summit.
Uganda and South Africa enjoy cordial and excellent bilateral ties premised on the longstanding blood bond that existed between the two countries even before South Africa gained its freedom in 1994.
Much as the trade relations between the two countries have continued to grow from strength to strength, it is worth noting that there is a big trade imbalance tilting in favour of South Africa.
For instance, the total value of Uganda’s exports to South Africa in 2021/22 was USD 27.34 while the total value of its imports from the latter in the same period was USD 126.86 according to Bank of Uganda.
Such a position arises from the fact that Uganda imports capital products from South Africa compared to the Agricultural products (with limited value addition) that Uganda exports to South Africa.
Uganda’s exports to South Africa include packaged medicaments, cotton, gold, fish fillets, raw tobacco, coffee and fresh flowers while South Africa’s exports to Uganda include machinery, motorcars, plastics, chemicals and electronics, parts and accessories, petroleum, live animals, books and news print, textiles, footwear, vehicles, aircrafts and house hold goods.
“Based on the foregoing, there is need for Uganda to continuously leverage the existing cordial relations between the two countries and show case its opportunities to the potential investors in South Africa and internationally for improvement of the trade balance and national development,” said Amb Amoru
