Over 160 Companies to Participate in Uganda – South Africa Trade Summit

More than 160 companies have so far registered to participate at the three-day Uganda – South Africa, Trade, Tourism and Investment Summit slated for February 27th – March 1st, 2023 in Pretoria, South Africa.

The event backed by the Ministry of Foreign Affairs, Trade and Cooperatives, Privatization and Investment is being coordinated by the Private Sector Foundation Uganda – PSFU. The objective of the summit is to market Uganda’s beauty and economic potential of becoming Africa’s leading destination for trade, tourism and investment.

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.

Stephen Asiimwe, the Chief Executive Officer Private Sector Foundation Uganda told URN that over 500,000 Ugandans are currently living and working in South Africa which is considered one of the fastest growing sources of foreign direct investment for Uganda.

He explained that the majority of the business entities that have confirmed participation are in the agriculture sector, agri-business, tourism and hospitality industry, professional services, transport and logistics, ICT, Energy and Minerals, among others.

Speaking to URN in an interview on Monday, Paul Amoru, the Uganda High Commissioner to South Africa who also covers Botswana, Zimbabwe, Namibia and the Royal Kingdoms of Lesotho and Eswatini pointed out that the summit will provide investment opportunities in virtual education, fiber security, data storage and medical tourism among others.

Meanwhile, Marytheresa Lulama Xingwanathe South African High Commissioner to Uganda described the summit as a timely gesture in fulfillment of the 2021 African Free Continental Trade Area Agreement signed by the Head of States encompassing most of Africa.

It is estimated that over 500,000 Ugandans live and work in South Africa. The Private Sector Foundation Uganda which has been the coordinating secretariat says 160 companies have already registered for the summit, majority of whom are from the agriculture, agri-business, tourism and hospitality industry, professional services, transport and logistics, ICT, Energy and Minerals among others.

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.

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