Kampala, 6 August 2022 (TDI): Somalia-Uganda Business Communities are hosting a Joint Investment and Business Summit from 9th-10th August 2022 at Commonwealth Resort Munyonyo.
The theme of this summit is promoting Uganda-Somalia Partnership through investment, trade, and tourism.
— Mukiza Robert (@mukiza_robert) August 5, 2022
The newly elected President of Somalia, Hassan Sheikh Mohamud, will attend the first ever Uganda-Somalia Investment and Business Summit. Both Presidents from Somalia and Uganda will address the inaugural summit.
Agenda of the Summit
The summit will involve the business communities and other relevant stakeholders like Government Ministries, Departments, and Agencies.
It will allow the free exchange of views and ideas to ease the cost of business between the two countries. A joint permanent commission is a goal for strengthening cooperation.
During the Summit, the Private and Public sector stakeholders from both countries will engage in trade discussions and B2B sessions. Both parties will explore future business opportunities that will help in increasing revenues.
The ultimate goal is to overcome existing challenges and implement business strategies for strengthening bilateral cooperation.
Uganda’s Ambassador to Somalia, Sam Tulya-Muhika, said, “several Memoranda of Understanding (MOUs) ranging from defense to trade are expected to be signed by both countries.”
The summit will also address residual Non-Tariff Barriers hindering trade and investment between Uganda and Somalia. Both Uganda and Somalia have a very less amount of total trade despite having existing potential and good bilateral relations between both countries. In this regard, it’s the very purpose of convening an Investment and Business Summit between the countries.
Both countries need to grasp existing and future business opportunities and engage in economic and commercial diplomacy. This will help to reap trade and investment opportunities and harness their true potential.
Presidents of both countries expect to hold a meeting on various issues, including security, trade, and cooperation.
