The 2nd Uganda & Tanzania business forum will kick off in Dar es salaam on Thursday
The Forum will provide a platform to maintain the momentum of Uganda’s agenda in attracting FDI and increasing market access of Ugandan products to Tanzania and nearby countries.
Tanzania’s Prime Minister Kassim Majaliwa will officially open it.Various participants including Foreign Affairs Minister January Makamba, diplomats and business leaders from Uganda and Tanzania will attend.
It will also present the opportunity for Ugandan businesses to exhibit their products and address the way forward in achieving the NDP III and the 2023/2024 budget theme of “Full monetization of the Uganda’s
Economy through commercial agriculture, industrialization; expanding, & broadening services, digital transformation and market access”. The Uganda-Tanzania Business Forum will be organized under the theme “Enhancing our Win-Win Bilateral Partnership”. Discussions will revolve around 5 priority sectors: Mining & Extractives, Finance, Energy, Commercial Agriculture, and Tourism.
The forum is being organized as a promotional event with an overall goal of attracting Foreign Direct Investment (FDI) , mobilising Ugandans living in the diaspora for development, and promoting Ugandan products so as to contribute to sustainable and inclusive growth, industrialization and job creation.
At least 350 delegates from the Uganda and Tanzania business community, government officials and
policy makers, analysts, economists, development partners and other professionals will attend the Business Forum. Speakers from the private and public sectors in Uganda and Tanzania will discuss pertinent issues relating to 5 strategic sectors: Mining & Extractives, Finance, Energy, Commercial Agriculture, and Tourism.
The 1st Uganda – Tanzania Business Forum was held under the theme of ‘Promoting Bilateral Trade and Investment for Growth and Sustainable Development’ in 2019, it is on this basis that the Uganda High Commission in Dar es Salaam is organising the 2nd edition of the Uganda-Tanzania Business Forum to further enhance the economic and commercial ties between the two sisterly countries.
The Forum will feature a two-in-one format comprising a Trade Exhibition and an Investment Forum, enabling participants to showcase their capabilities and explore potential collaborations. With a focus on fostering partnerships and facilitating market access, the event aims to unlock new avenues for trade and investment between Uganda and Tanzania.
In conclusion, the 2nd Uganda-Tanzania Business Forum underscores the commitment of both nations to deepen economic ties and create a conducive environment for business growth and innovation. By leveraging their comparative advantages, Uganda and Tanzania are poised to realise shared goals of sustainable development and inclusive growth.
Major issues
1. Incentives for Tanzania Investors: Tanzanian investors are considered domestic investors in Uganda, entitling them to benefits such as a 10-year tax holiday and access to land in gazette industrial parks equipped with essential infrastructure.
2. Promotion of Specific Opportunities: we aim to highlight specific investment opportunities in key sectors such as agro-value addition, manufacturing, mineral value addition, oil and gas, tourism, and science and technology.
3. Track Record of Success: Over the past five years, Uganda has attracted 12 significant projects amounting to USD 474,191,143 in investment, contributing to creating 7,465 jobs.
4. Collaborative Efforts: Uganda works with government stakeholders, diplomatic missions, and the private sector to promote and increase investments in priority sectors. Their focus remains on fostering partnerships and enhancing market access for investors.
5. Official Adoption of Swahili: Uganda has officially recognisedSwahili as its second official language. The language has been reintroduced into the national curriculum and is being taught in schools. To demonstrate the seriousness of the language adoption, the government has dedicated weekly lessons on Swahili at the cabinet level. Additionally, statements and speeches are now directed to be delivered in Swahili, emphasizing the commitment to linguistic integration and people-to-people diplomacy.
6. Infrastructure Developments: Following the Prime Minister’s directive, the Mutukula Masaka road is slated for rehabilitation. This development aims to improve transportation infrastructure and enhance connectivity.
7. Transport Cost Reduction: The Standard Gauge Railway (SGR) infrastructure project in Tanzania, particularly the line from Dar es Salaam to Mwanza, is anticipated to reduce transport costs by 40%. Furthermore, charges on trucks from Tanzania to Uganda have been harmonised with EAC regional tariffs, reducing fees from $500 to $140.
8. Private Sector Support: Organizations like the Private Sector Foundation Uganda (PSFU) and the Uganda Investment Authority (UIA) actively facilitate trade and investment.