Pretoria, 1 March 2023 (TDI): The President of Uganda, Yoweri Museveni began a state visit to South Africa for the bilateral and better economic ties between the two African States.
President Yoweri Museveni has called for stronger trade relations among African countries and to lay off the high-buying products from the outsides of the continent.
South African President, Cyril Ramaphosa received President Yoweri, who is scheduled to discuss and sign trade and bilateral agreements.
Upon his arrival in South Africa, the President of Uganda emphasized the importance of intercontinental trade, while highlighting some of the challenges that were making this difficult to achieve.
Before meeting with his South African counterparts, President Yoweri said that our part of the world is far from the other part and yet we bring products from “China, India and Ukraine” at a very expensive price.
So it’s important to develop inland industries to meet the needs.
He also added that it is important for the continent to be peaceful for intercontinental trade to be successful.
President Cyril Ramaphosa responded that South Africa sees Uganda as an important partner in the region and lauded its contribution to regional economic and political integration as well as regional peace and stability.
Agreement to strengthen economic ties
Both Presidents signed bilateral and economic agreements in various sectors including tourism, transport, and agriculture.
Ugandan President also discussed the procurement of coal from South Africa to be used to transform Uganda’s high-grade iron ore into steel. Notably, Uganda is the 15 largest trading partner in Africa and the second largest partner in East Africa.
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Between 2017 to 2021 the total trade between the two countries reached $162 million, which was an all-time high. However, in 2022, trade between the two countries saw a decline and reached $130 million.
President Ramaphosa expressed hope that the trading should double in the next 5 years. Both Presidents also participated in the South Africa-Uganda business forum.
The business forum is an opportunity to intensify the trade relations, businesses, and investors of both countries.
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