Kampala -The highly anticipated 2nd Uganda-South Africa trade and investment summit commences today, Tuesday, September 5, 2023, at Speke Resort Munyonyo, Kampala.
The two-day summit organized by the governments of Uganda and South Africa and supported by MTN Uganda among other sponsors will run under the theme, “Accelerating Investments and Trade between Uganda and South Africa”.
The summit’s overarching objective is to provide a platform for the private sector, government, and business regulatory agencies to network, exchange experiences, explore win-win investment and trade opportunities, share information on how to facilitate investment and doing business (including identifying existing/emerging investment opportunities and challenges).
According to Uganda’s High Commissioner to South Africa Paul Amoru , the two governments have organized a second leg of the trade and investment summit to actualize deals and initiatives that started during the first summit held in Pretoria, South Africa, in February this year.
He says the first summit registered numerous successes for the two countries including signing three agreements in the areas of promotion and protection of investments, bilateral trade, and the establishment of a Joint Permanent Commission.
The first edition of the Uganda – South Africa Investment and Trade Summit held this year in Pretoria, South Africa was addressed by President Cyril Ramaphosa and President Yoweri Museveni. The two agreed to work together to improve the business operating environment between the two countries including addressing all challenges affecting the private sector.
Uganda and South African governments have enjoyed momentous, warm, and friendly relations since the signing of a formal diplomatic relationship in 1994. This bilateral relationship has deepened not only social and political ties but also helped promote trade and investment between the two countries.
Latest data from the Bank of Uganda shows that the East African nation and South Africa’s trade volumes increased from merely US $76million in 1999 to US $334million in 2019 before slowing down to US $148.8million in 2022 owing to the effects of the coronavirus pandemic.
However, most of these trade volumes are in favour of South Africa because it exports mostly high-value products such as machinery, vehicles, plastics, chemicals, electronics, parts and accessories, petroleum, live animals, books and newsprint, textiles, footwear, aircraft, and household goods.
On the other hand, Uganda exports low-value products such as cotton, gold, fish fillets, tobacco, coffee, and fresh flowers.
