Uganda Pursues South African Investors
- June 27, 2022
- No Comment
By Our Reporter
Uganda National Chamber of Commerce and Industry- UNCCI is to strengthen trade relationships with South Africa through in and outward trade missions in-order to enhance export earnings between the two countries.
The pledge was made during a three day business summit that ran from 21st to 23rd June at Golden Tulip Hotel in Kampala last week. The discussions involved members of the private sector and it was organized by Wesgro; a South African based organization dealing in tourism and investment.
The business summit dialogue focused on setting up businesses that can make profits across different sectors of the economy.
Immaculate Blessing Owomugisha, the acting Secretary-General of UNCCI, emphasized that Uganda is suitable for business because of the enhanced conducive business environment that has been enabled by the right policies through the government and private sector engagement.
These are incentivized export-based business, free zones, industrial parts, incentives that include tax and duty exemptions, profit repatriation, and a ready market for the goods.
“Uganda is not landlocked, but land-linked. Carrying out Business in Uganda opens many opportunities in the terms of the market both within the local population which is one of the youngest and largest in Africa and the other surrounding countries,” she said.
However, she encouraged the business delegation to invest in Uganda through partnerships, ventures, re-registration, creation of subsidiaries, and local registration to enjoy the incentives of carrying out business in Uganda.
Stanbic Bank’s Enterprise Manager, James Junguru, applauded the South African Delegates on their choice for business-to-business engagements providing opportunities, friendship, and money to the country, translating into employment and change in lives.
Speaking about the agriculture sector, Junguru highlighted that investing in this sector has had a positive impact despite the challenges faced like lack of fertilizers, machinery, and limited access to funding from financial institutions.
He advocated for joint ventures with Uganda businesses and advised the delegates to fully revise the taxation and laws in the country as well.
Solly Sebola, a representative from the South African High Commission, acknowledged the bilateral trade agreement between South Africa and Uganda that allows both countries to have structured engagement to resolve market issues and share the latest development on trade and investment.
“Uganda is one of South Africa’s direct recipients of the largest foreign direct investment. This connection continues to be the destination of South Africa’s direct investment,” said Sebola.
Hennie Van Der Merwe, another SA Delegate, tipped entrepreneurs on how to expand the agribusiness sector and employ modern farming in Uganda. The mission is to move from substantial agriculture commercial farming to agribusiness.
“In 10 years, you will make more money in the agribusiness sector than you will make in Canada or US,” he said.
The Business Forum was attended by 50 people from sub-sectors like Agriculture, Hotels, and Wineries.
The South African delegates from different Companies showcased their products from companies like Ukhamba Beerworx, DeLaval, Arie Dekel-Good Hope International Beverages, Keagan Stretch Egli Precision Engineering, The others were SBS Solutions East Africa Limited, among others.