Somali president will be in the country to attend the first ever Uganda-Somalia Investment and Business Summit.
The summit will take place at Commonwealth Resort Munyonyo from Monday to Thursday next week. While here, he will meet with President Museveni to discuss issues including security, cooperation, trade, among other issues.
According to officials, the summit will provide a platform for Private Sector/Business Community together with other relevant stakeholders like Government Ministries, Departments and Agencies (MDAs).
These will freely exchange views and ideas on a way to smoother the cost of business between two countries.
Both parties are expected to understand existing and future business opportunities and learn how to overcome existing business challenges.
Uganda deployed troops to Somalia before all other countries to fight the Al Qaeda-linked terror group, Al Shabab. It remains the leading Troop Contributing Country to African Union Mission in Somalia (AMISOM).
Ambassador Tulya-Muhika said that a number of Memoranda of Understanding (MoUs) ranging from defence to trade are expected to be signed by both countries.
He also said Uganda has heavily invested in establishing and pacifying Somalia. He noted that it is therefore important to engage in commercial and economic diplomacy to reap in trade and investment opportunities.
“Uganda to proactively engage in Commercial diplomacy to exploit the prevailing Somalia/Uganda bilateral trade and investment opportunities. In that regard, it’s the very purpose for convening an Investment and Business Summit between Uganda and Somalia. In this regard, we mobilized business community in Uganda to explore a variety of opportunities in Somalia and likewise,” said Ambassador Tulya-Muhika.
The summit will also address any residual Non-Tariff Barriers limiting trade and business between the two countries.
Despite the existing potential and the good relationship between the two countries, the total trade between Uganda and Somalia remains low.
In 2020, Uganda exported goods worth $676,000 to Somalia. The main products that Uganda exported to Somalia were aircraft Parts ($544,000), Rolled Tobacco ($ 102,000), and Beer ($ 16,000).
The exports of Uganda to Somalia have increased at an annualized rate of 9.82%.
“From just a sample of these figures as given, it is clear that there is enormous trade potential with Somalia that Uganda can harness. The time for Uganda to complement peacekeeping with commercial relations in Somalia is now, and we should move pretty fast. Suffice to note that these market opportunities translate into investment opportunities, both here and in Somalia,” said Ambassador Tulya-Muhika.
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