The Uganda National Chamber of Commerce and Industry- UNCCI– plans to strengthen trade relations with South Africa through inward and outward trade missions in order to increase export earnings between the two countries. (Uganda is pursuing South African investors )
The pledge was made last week during a three-day business summit held at the Golden Tulip Hotel in Kampala from June 21st to June 23rd. Wesgro, a South African-based organization dealing with tourism and investment, organized the discussions, which included members of the private sector.
The business summit dialogue focused on establishing profitable businesses in various sectors of the economy.
Blessing of the Immaculate Owomugisha, the acting Secretary-General of UNCCI, emphasized that Uganda is suitable for business due to the improved conducive business environment made possible by the right policies implemented by the government and the private sector.
These include incentives for export-based businesses, free zones, industrial parts, tax and duty exemptions, profit repatriation, and a ready market for the goods.
“Uganda is land-linked, not landlocked.” “Doing business in Uganda opens up many opportunities in terms of the market, both within the local population, which is one of the youngest and largest in Africa, and in the neighboring countries,” she explained.
She did, however, encourage the business delegation to invest in Uganda through partnerships, ventures, re-registration, subsidiary formation, and local registration in order to benefit from the incentives of doing business in Uganda.
Stanbic Bank’s Enterprise Manager, James Junguru, congratulated the South African Delegates on their decision to engage in business-to-business engagements that provide opportunities, friendship, and money to the country, resulting in employment and life change.
When it comes to agriculture, Junguru emphasizes that investing in this sector has had a positive impact despite challenges such as a lack of fertilizers and machinery, as well as limited access to funding from financial institutions.
He advocated for joint ventures with Ugandan businesses and advised the delegates to thoroughly review the country’s taxation and laws.
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“Uganda is one of South Africa’s largest direct recipients of foreign direct investment.” “This connection remains the destination of South Africa’s direct investment,” Sebola said.
Another SA Delegate, Hennie Van Der Merwe, advised entrepreneurs on how to expand the agribusiness sector and use modern farming in Uganda. The goal is to transition from large-scale commercial agriculture to agribusiness.
“In ten years, you will make more money in the agribusiness sector than you will in Canada or the United States,” he predicted.
The Business Forum was attended by 50 people from various industries, including agriculture, hotels, and wineries. (Uganda is pursuing South African investors – top stories in 2022)