The Presidential Advisory Committee on Exports and Industrial Development (PACEID) Chairman Mr. Odrek Rwabogo has applauded the strengthened bilateral trade between South Africa and Uganda which he says will boost the two economies.
Speaking during the Day one of the highly anticipated 2nd Uganda-South Africa trade and investment summit on Tuesday, September 5, 2023, at Speke Resort Munyonyo, Kampala, Mr Rwabogo said they have taken initiatives to bolster Uganda’s key export sectors, including Banana, Coffee, Dried Fruits, Fresh Produce, Leather, Vanilla, Cow Horn, Dairy, Tourism, Grain, and Cocoa as Uganda anticipates a surge in exports.
‘’This commitment has been on for the last five years but since last year there has been a drive and insistence that we fulfill what the President of Uganda ask for, which is that if you invest in a country and your successful you should look at other sectors that have not yet made it and bring about corporate influence to ensure that you can do value addition, manufacturing and create jobs for young people. All our sponsors and generally the federation of South African businesses in Uganda I want to thank you so much for this collective effort working together to ensure that we can do this return summit and am hoping that we can continue this conversation’’,said Rwabogo.
The two-day summit organized by the governments of Uganda and South Africa and supported by MTN Uganda, PACEID among other sponsors will run under the theme, “Accelerating Investments and Trade between Uganda and South Africa”.
Rwabogo also emphasized on the PACEID’s pivotal role on Uganda’s export whose objectives encompass discovering new markets, standards, boosting infrastructure and export financing.
The Summit will provide a platform for the private sector, government and business regulatory agencies to freely exchange views, ideas, and information on how to facilitate investment and doing business (including identifying existing and emerging business/investment opportunities for Uganda and South Africa).
The Summit also focuses on the various sectors including: Tourism, Trade and Investment, Finance, Insurance, Professional Service, Manufacturing, Mining, Energy Resources, Agro-processing, ICT, Power Generation, education, and Infrastructure development/construction among others.
Angela Thokozile Didiza, South Africa’s Minister of Agriculture, Land Reform and Rural Development emphasized the need for African countries to collaborate to build back better following the impact of economic shocks like the Covid-19 pandemic and the shocks to the global chain as a result of the Russia Ukraine war.
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.
South Africa is one of the fastest-growing sources of Foreign Direct Investment for Uganda. Uganda’s exports to South Africa include cotton, gold, fish fillets, tobacco, coffee, and fresh flowers. South Africa’s exports to Uganda include machinery, vehicles, plastics, chemicals, electronics, parts and accessories, petroleum, live animals, books and newsprint, textiles, footwear, aircraft, and household goods.
South African investments in Uganda are in sectors like telecommunications, breweries, finance, poultry, energy, and real estate, amongst others. South Africa has the potential of strengthening investment and trade links with Uganda in several areas including manufacturing, agriculture and agro-processing, touring, mining, information technology, health services, biotechnology, pharmaceuticals, chemicals, etc
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.