KAMPALA-The governments of Uganda and the Federal Republic of Somalia area set to host a joint investment and business summit from August 9-11, 2022 themed, “Promoting Partnership between Uganda -Somalia through Investment, Trade and Tourism.”
The summit will be addressed by both the President of Uganda Yoweri Museveni and the President of the Republic of Somalia Hassan Sheikh Mohamud.
While addressing journalists at the Uganda Media Centre, Uganda’s Ambassador to Somalia H.E. Prof. Sam Tulya Muhika revealed that the summit will provide a platform for the business community with other relevant stakeholders to freely exchange views and ideas on how to ease the cost of doing business, and thus richly reap from existing and future business opportunities between the two markets of Uganda and Somalia.
“Uganda-Somalia Business and Investment summit will strengthen bilateral cooperation in Trade and Investment between the two countries and support potential investors and the respective business communities with the required conducive business environment,” he said.
According to Prof Muhika, Uganda has invested heavily in stabilizing and pacifying Somalia, it’s therefore important to engage in commercial and economic diplomacy to reap in trade and investment opportunities.
“Uganda which was the first country to deploy troops to Somalia and remains the leading Troop Contributing Country (TCC) to African Union Mission in Somalia (AMISOM) is now proactively engaging in Commercial diplomacy to exploit the prevailing Uganda-Somalia bilateral trade opportunities,” he explained.
He further revealed that in 2020 Uganda exported $ 676,000 to Somalia while Somalia exported goods worth $75,700 to Uganda.
“The main products that Uganda exported to Somalia were aircraft Parts, Rolled Tobacco, and Beer, while the following goods and services have market potential in Somalia; milk and cream (concentrated or containing added sugar), sugar and confectionaries, edible vegetables, ICT and Environmental sciences,” said Prof Muhika.
He added that Uganda’s exports to Somalia have increased at an annualized rate of 10.2%, from $65,000 in 1996 to $676,000 in 2020.
There are over 2,500 Ugandans working in Somalia (working for international NGOs, Embassies and private companies)
“The Embassy, in liaison with Directorate of Citizenship and Immigration Control (DCIC) in Kampala, handles an average of 1,000 visa applications per month for travel to Uganda,” he noted.