Posted: May 13, 2019
SA Companies to Undertake Trade and Investment Mission to Uganda
|Twenty-five South African companies representing the agro-processing, capital equipment, energy and furniture sectors, will get an opportunity to expand their export market to East Africa when they participate in the Outward Trade and Investment Mission to Uganda from 19-24 May 2019. The mission is organised and funded by the Department of Trade and Industry (the dti) through its Export Marketing and Investment Assistance Scheme. The objective of the scheme is to develop export markets for South African products and services and to recruit new foreign direct investment into the country. More than 1 000 companies were assisted through the scheme in the last financial year.
According to the Minister of Trade and Industry, Dr Rob Davies, the main objective of the mission is to increase bilateral trade and investment between South Africa and Uganda.
“The mission will also introduce South African exporters to the Ugandan market with the aim of assisting them gain entry into this market, identify trade and investment opportunities, and generate export sales. It will also contribute positively in strengthening bilateral economic relations between South Africa and Uganda and provide the participating companies with a platform to gain insight into the dynamics of the Ugandan business environment,” says Davies.
He adds that Uganda is a strategic partner to South Africa within the East Africa region. The two countries enjoy sound political and economic relations that are managed through several bilateral agreements.
“More significantly, Uganda enjoys a unique location at the heart of Sub-Saharan Africa, which makes it accessible to the Central and East African markets, including the Common Market for Eastern and Southern Africa (COMESA). This makes the country a viable market for business because it has the potential to be a transportation, logistics and transit hub for regional trade and investment,” says Davies.
He adds that the mission is part of South Africa’s economic strategy for Africa, which is premised on implementing an outward investment-led trade approach which will result in two-way trade and investment that will benefit both South Africa and its trading partners in the rest of the continent.
“The mission is aligned to our mandate of increasing intra-African trade and investment in line with the objectives of the Continental Free Trade Agreement,” adds Davies.
Uganda is South Africa’s second largest export trading partner in East Africa, making it an important trade and investment partner for South Africa’s economic relations with the East Africa region. The total value of bilateral trade between SA and Uganda amounted to R2.09 billion in 2018, with a trade surplus in favour of SA as SA’s exports to Uganda totalled R1.99 billion in 2018 while SA’s imports from Uganda were valued at R102 million in the same year.