In a remarkable display of collaborative diplomacy and economic ambition, Uganda and South Africa are propelling their trade relations to new heights. The momentum generated by the first summit held earlier in February this year, has not only been sustained, but is now surging ahead of another event. The two-day trade and investment summit aimed at attracting foreign direct investment, will be held at the Speke Resort Munyonyo from September 5-6.
Ambassador Katureebe Tayebwa, the head of the Africa Region Economic Cooperation at the foreign affairs ministry, emphasised the pivotal role of maintaining the strong ties established during President Yoweri Museveni’s visit to South Africa in February, arguing that the leaders’ visionary discussions paved the way for joint initiatives to foster investment and development.
“That inaugural summit held in Johannesburg from February 27-28, set the tone for an unprecedented era of collaboration between Uganda and South Africa,” he said on Wednesday, during the launch of preparations for a rejoinder summit in Kampala, due next month.
Sylvia Mulinge, the Chief Executive Officer of MTN Uganda, emphasised the essence of public-private collaboration as a driving force behind sustainable growth. With a focus on value-addition, agribusiness, and manufacturing, she said South African companies were inspired to invest in Uganda, creating a ripple effect of economic advancement, job creation and an improved balance of payments. She said the upcoming summit is set to further propel discussions on trade, investment and sustainable growth between Uganda and South Africa. This event aims not only to foster economic ties, but also to uplift lives by unlocking opportunities for both nations.
The summit comes as available statistics from the Bank of Uganda show that the value of the country’s exports to South African continues to grow, albeit at a slow pace, doubling to $21.24m in the past 10 years to 2022. However, the value of South Africa’s exports to Uganda decreased from $251.6m to $127.6m during the same period.
According to Uganda Investment Authority, 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.
Kenneth Mumba Kalifungwa, CEO of Absa Bank, lauded Uganda’s concerted efforts to foster collaboration between government and private entities. He affirmed the bank’s commitment to contribute to Uganda’s economic stimulation, focusing on pivotal sectors such as trade, manufacturing, agriculture, SMEs and infrastructure. Kalifungwa said the upcoming summit holds the promise of igniting a robust exchange of ideas among private sector players, government representatives and business regulatory agencies. Damalie Sali, the chief programmes and projects officer at the Private Sector Foundation Uganda, said PSFU looks to forge partnerships with South African businesses to boost Uganda’s tourism industry. Odrek Rwabwogo, a key economic voice, echoed the sentiment of progress, citing Uganda’s impressive 16% increase in foreign direct investments since opening up the economy.
Lulama Xingwana, South Africa’s High Commissioner to Uganda, radiated optimism as she shared the tangible successes of the summit’s outcomes. She envisioned Uganda’s transformation into an agricultural powerhouse and heralded the potential for collaboration in various sectors, including agriculture, oil, mining, and communication technologies.