May 10th, 2022 – Kampala, Uganda – The Private Sector Foundation Uganda (PSFU) hosted a business summit with the President of the United Republic of Tanzania, HE Samia Suluhu Hassan on May, 10th 2022 at Kampala Serena Hotel, Kampala Uganda.
The Business Summit brought together 100 business executives from both Uganda and Tanzania and other high-level Government officials from both Countries, and over 200 following the discussions online. The summit involved panel discussions and a dialogue with the President of Tanzania and the business players from both Countries. One of the major purposes of the summit was to secure more business commitments from both the policymakers and business community in Tanzania especially in dealing with the non-tariff barriers which hinder youth employment such as work permits.
“This business summit is such a timely event that will enable private sector players discuss and manage both the tariff and non-tariff barriers to trade and business development in the two countries which have for long affected value retention and job creation.” Said PSFU Chairman, Hon. Elly Karuhanga. “We believe that after this summit we will create thousands of jobs for the youth through trade in goods and services such as agriculture, ICT and tourism.” He added.
Tanzania and Uganda enjoy a long-standing, deep, historical diplomatic and economic relationship that has been strengthened by recent developments in the oil & gas industry, principally the East African Crude Oil Pipeline (EACOP) project.
Uganda imported goods worth US$ 743.68 million from Tanzania and exported goods worth US$ 95.13 million in 2020. This signifies a trade deficit of over US$ 648 million. To further strengthen the relationship and promote trade between the two Countries, the Ministry of Foreign Affairs in partnership with the Private Sector Foundation Uganda have organized a business dialogue to share insights and available business opportunities.
The dialogue was attended by key 100 private sector players from Uganda and Tanzania who explored business opportunities, as well as strategies for collaboration to harness the long standing relationship between the two Countries.
Private Sector Foundation Uganda (PSFU) for 27 years now as the national focal point for the East African Business Council, and the COMESA has spearheaded the trade policy and trade development agenda on behalf of the business community, directly engaging with regional policy platforms. Therefore, this business summit is among the various engagements that we are committed to continue delivering to promote private sector competitiveness and growth for all our business players.
The business summit was organized in close partnership with the Uganda Ministry of Foreign Affairs, and the High Commission of the United Republic of Tanzania.