Uganda and Tanzania Strengthen Economic Ties at Second Business Forum

Sarah Kagingo, Vice Chairperson of the Private Sector Foundation Uganda (PSFU), addresses reporters at the sidelines of the 2nd Uganda-Tanzania Business Forum in Dar es Salaam, Tanzania, on May 23, 2024. Kagingo emphasized the importance of value addition and industrialization in driving economic transformation in both countries and called for increased cooperation and trade between Uganda and Tanzania.

DAR ES SALAAM, TANZANIA – The second Uganda-Tanzania Business Forum has kicked off in Dar es Salaam, bringing together business leaders, government officials, and industry experts from both countries to enhance their win-win bilateral partnership.

Sarah Kagingo, Vice Chairperson of the Private Sector Foundation Uganda (PSFU), welcomed participants and emphasized the importance of value addition, regional market integration, and international market penetration for the prosperity of both countries. She highlighted the significant growth in trade between Uganda and Tanzania, which reached a commercial value of US$1 billion in 2022, with a 15% increase in exports between 2019 and 2023.

H.E. Col. (Rtd.) Fred Mwesigye, High Commissioner of the Republic of Uganda to the United Republic of Tanzania, acknowledged the historical relations and cultural ties between the two nations, which form the foundation of their economic partnership. He emphasized the need for collective action to turn challenges into opportunities and forge a path of shared growth and success.

The forum aims to create awareness about business opportunities in Uganda and Tanzania, identify potential areas for partnerships and joint ventures, and build on comparative advantages to create synergies that benefit both nations. Deeper integration within the East African Community (EAC) is also a key focus area.

The two-day forum features business-to-business engagements, joint ventures, and discussions on resolving non-tariff barriers to trade and implementing EAC protocols to scale trade and investment. The sectors of Mining and Extractives, Finance, Energy, Commercial agriculture, Tourism, and Logistics are highlighted as holding the most promise for transforming the economies of both countries.

Uganda and Tanzania have undertaken joint infrastructure projects such as the 14 MW Kitagati-Murongo Hydro Power plant, the 1443km EACOP project, and the 130km Tabora/Mwanza Standard Gauge Line, which will have a final spot at Mwana port for onward transit of cargo to Port Bell. These projects aim to facilitate investment and trade between the two nations.

The Uganda-Tanzania Business Forum is a significant step towards enhancing economic cooperation and strengthening the bilateral relationship between the two nations. As the forum progresses, participants are expected to engage in open dialogue, explore new avenues for collaboration, and work towards building a prosperous future for both Uganda and Tanzania.


Most Popular

To Top