Uganda exports to South Africa is projected to increase as Uganda Private sector Foundation Uganda as the Ministry of Foreign Affairs leads a team of Business Community to South Africa to attend the inaugural Uganda South Africa Trade, Investment and Tourism summit next week.
Uganda-South Africa, first ever Trade, Tourism and Investment Summit will take place from 27 February to 1 March, 2023 in Pretoria, South Africa.
President Yoweri Kaguta Museveni and his South African counterpart, Cyril Ramaphosa will attend the summit which is expected to provide a platform for the private sector, companies and businesses to create new markets and facilitate networking, growth of both import and export trade between the two countries.
The Summit is organized by the Uganda High Commission in Pretoria in partnership with the following Ugandan partners,Ministry of Foreign Affairs of Uganda (MOFA), Ministry of Agriculture, Animal Industry and Fisheries (MAAIF), inistry of Trade, Industry and Cooperatives of Uganda, Ministry of Health (MOH), Uganda Investment Authority (UIA), Private Sector Foundation of Uganda (PSFU), Uganda Manufacturers Association (UMA), Presidential Advisory Committee on Exports and Industrial Development (PACEID) and Uganda Tourism Board (UTB), Uganda National Chamber of Commerce and Industry and Uganda Airlines.
South African stakeholders: include Department of Trade and Industry of South Africa, Department of Public Enterprises of South Africa, Industrial Development Corporation (IDC), Department of Foreign Affairs and International Cooperation of South Africa.
According to Private Sector Foundation the Summit expects to attract 300 delegates, both private and public companies on board include business captains, ministers, heads of agencies, policymakers.
The Summit’s overarching objective is to 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).
The Summit will focus on the following sectors: Tourism, Trade and Investment, Finance, Insurance, Professional Service, Manufacturing, Mining, Energy Resources, Agro-processing, ICT, Power Generation, education, and Infrastructure development/construction among others.
The Summit Structure will include but will not be limited to Plenary sessions on trade and investment in the key sectors, Business exhibition (for both products and services) and Business-to-Business (B2B) sessions.
SUMMIT OUT COME
We expect established joint framework of hosting an annual Trade, Tourism and Investment Summit between Uganda and South Africa.
We also expect strengthened bilateral cooperation in trade and investment between Uganda and South Africa and attraction of potential investors from South Africa to Uganda, as well as from other countries.
TRADE BETWEEN UGANDA AND SOUTH AFRICA
Apparently over 500,000 Uganda’s are working in South Africa and South Africa is one of the fast 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.
Based on the above, there is a need for Uganda to leverage on the existing cordial relations between the two countries and showcase its opportunities to potential investors in South Africa and internationally to increase her trade balance to South Africa after the business summit.
With notable investors Uganda has managed to attract, post covid we should expand the number and look out for strategic ventures to attract investments into the country to grow our economy In fact the business community should embrace the summit as a way of expanding markets, promoting inclusive, sustainable, balanced and sustained growth and development of Uganda.
We should as well push for a joint framework of hosting an annual Trade, Tourism, and Investment Summit between Uganda and South Africa agreed on.
Investments from South Africa have been made in a variety of industries in Uganda, include breweries, finance, poultry, electricity, and real estate.
Cotton, gold, fish fillets, tobacco, coffee, fresh flowers, automobiles, plastics, chemicals, electronics, parts and accessories, petroleum, live animals, books and newsprint, textiles, footwear, aircraft, and household items are among the exports from South Africa to Uganda.
With 160 companies already registered majority in the agriculture sector, agribusiness, tourism and hospitality industry, professional services, transport and logistics, ICT, Energy and Minerals, among others we should be able to market Uganda best investment destination.
Uganda High Commissioner to South Africa that also covers Botswana, Zimbabwe, Namibia and the Royal Kingdoms of Lesotho and Eswatini should use the summit to provide investment opportunities in virtual education, fiber security, data storage and medical tourism among others.
This summit is a timely gesture in fulfillment of the 2021 African Free Continental Trade Area Agreement signed by the Head of States encompassing most of Africa.
In 2017/2018 Uganda exported goods to South Africa worth USD 8.9 million, in the year 2018/2019 USD 9.9 million, 2019/2020 USD 6.67 million, 2020/2021 it rose to USD 16.53 million, 2021/2022 USD 27.34 million.In the same period, South Africa exported to Uganda goods valued at USD 235 million, USD 318 million in 2018/2019, USD 216 million in 2019/2020, USD 200 million in 2020/202 and USD 126 million 2021/2022.
In terms of balance of trade, between 2017 to 2022, Uganda exported goods worth USD 69.34 million about 254 billion Shillings to South Africa. During the same period of time, South Africa exported to Uganda goods worth USD 14.653 trillion Shillings
The Writer is Chief Executive Officer of Elix Promotions Ltd; [email protected]
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