Uganda and South Sudan are set to hold their first Joint Business Forum running in Juba their main subject being Strengthening Infrastructure Development and Industrialization to Promote Bilateral Investment and Trade. The event is set to happen for three days from 18th to 21st July 2022 having more than 200 businesspeople attending. This meeting is meant to help determine how to expand commercial ties and investment prospects, which will then improve people’s standard of living in Uganda and South Sudan.
“This Business Forum is a privately-driven event that will involve the public sector and business partners from both countries through, information sharing, working sessions, business-to-business interactions, government-to-business interactions, and a business exhibition to showcase South Sudan and Uganda business companies. It will concentrate on ways to address business problems and chances to improve cooperation between private and public sector stakeholders in terms of trade and investment, “reads the Foreign Affairs ministry statement.
Uganda and South Sudan have been business partners over the years. last year Uganda imported goods amounting to $10.25 million and exported items worth $482.46 million to Sudan. These countries trade over $400 million dollars annually thus this meeting is set to enhance trade volumes to 1 billion dollars. Exports from Uganda to South Sudan now are at 46% while exports from South Sudan to Uganda are 37.34%. The main products exported from Uganda are foodstuffs while products exported from Sudan are timber and scrap iron. Products exhibited in the forum are from, agribusinesses, cosmetics, arts and crafts, agriculture, agribusinesses, and services such as banking, and telecommunications.
Vincent Bagiire Waiswa who is the permanent secretary of the Ministry of Foreign Affairs has appreciated the founder of the forum saying the forum has helped the two countries improve their relationship together and also improved peoples living conditions in both nations. Waiswa also urged the business people to discuss challenges and identify opportunities to promote trade and investment in both countries.
This is the first Business Forum to be held between Uganda and South Sudan since South Sudan became independent. According to the chief executive of Private Sector Foundation Uganda (PSFU), Ugandan businesses are interested in networking, discussing advocacy, and discovering new opportunities. They also want to showcase their goods and services and learn about the interventions needed to improve trade relations between the two countries. The target industries that Ugandans are looking at include oil and gas, tourism, trade and commerce, textiles, and mining.
The topic of compensating Ugandan traders who had supplied items was also brought up by Brig. Balya noted that the Juba institution is currently vetting beneficiaries before compensating them. “Many traders have not received payment, although both countries are talking about it. South Sudan, for its part, is conducting a verification exercise to separate the legitimate claims from the fraudulent ones since, certain Ugandans collaborating with some Sudanese individuals sat and produced paperwork for compensation, “Brig. Balya stated.
The business forum is aimed at improving favorable trade between the two countries.
