While opening the South Africa-Uganda Business Summit, Uganda’s Prime Minister Ruhakana Rugunda said South Africa FDI in has more than doubled from 626 million dollars in 2016.
Mr Rugunda said that over 70 South African companies are registered and running top businesses in Uganda and are estimated to have total assets of over $3Billion.
He added that the rise of inflows in Uganda has helped it grow its FDI stock to $13.3 billion in 2018 equivalent to about 48% of the country’s GDP.
In 2017, Uganda export totalled to US$2.79 billion while its import totalled to US$5.84Billion resulting in a negative trade balance of US$.3.05 billion. That year Uganda’s GDP was US$26 Billion while its GDP per capita was US$1.86 thousand.
“Uganda has a lot to export to South Africa and there are various investment opportunities in Uganda in various sectors especially Agriculture, agro-processing, tourism, infrastructural development, information and communication technology, mining and mineral processing, manufacturing and real estate and now oil and gas.” Rugunda said.
Mr Rugunda pointed out that the establishment of South Africa – Uganda joint commission strengthened the bilateral relations between the two countries. The bilateral agreements have boosted and facilitated the economic benefits the two countries are experiencing.
He said that through the investments, South African businesses have contributed to Uganda’s development through job creations, skills transfer, contribution to taxes and growth in various sectors of the economy.
He said that Uganda is keen to ensure there are favourable policies in place to continue the collaboration that they have established given that South African has the biggest economy in Africa.
Henry Okello Oryem the Minister for Foreign Affairs, advised Ugandans to positively protect the image and the beauty of the country and exploit the opportunities in the country. Adding that they should exploit the business opportunities in it and not just leaving it to the foreign-based companies.
Stanbic Bank Chief Executive Officer, Patrick Mweheire said there is potential for Ugandan companies to grow a lot more by forging partnerships with South African companies which can open other markets for Ugandan food.