Museveni to attend Uganda-South Africa business summit

The event which has been organised by the Private Sector Foundation Uganda (PFSU) and the trade and foreign affairs ministries of both countries will take place in Pretoria, South Africa.

A statement released yesterday by PFSU indicated that the event will be attended by President Museveni and his South African counterpart, Cyril Ramaphosa.

Ministers, heads of departments and agencies, policy makers and business people are expected to attend..  

The organisers of the event hope that the summit will help the private sectors in both countries create new markets.

According to Stephen Asiimwe, the PFSU Chief Executive Officer, South Africa is one of the fastest growing sources of Foreign Direct Investments (FDI) for Uganda.

“In 2010 alone, Uganda attracted FDI of up to $848m,” Asiimwe said, adding that Uganda needs to the Ugandan diaspora in South Africa to create partnerships with them on the many opportunities they are engaged in.

It is estimated that there are over 500,000 Ugandans living in South Africa.

Asiimwe also said the main objective of the summit is to market Uganda’s beauty and economic potential of becoming Africa’s leading for trade, tourism and investment.

According to the United Nations COMTRADE database on international trade, Ugandan exports to South Africa was $11.41M during 2021. In the same year, South African exports to Uganda amounted to $122m.

The State Minister for Investment and Privatisation, Evelyn Anite, explained this occurrence saying it has come as a result of Uganda exporting low value products.

“The trade balance between Uganda and South Africa has come as a result of Uganda exporting low value products. We need to add value to our products if the trade balance with South Africa and Uganda will improve,” she said.