President Yoweri Museveni of Uganda is being hosted for a state visit in Pretoria by his South African counterpart Cyril Ramaphosa.
According to handlers of both Presidents, the two leaders have held bilateral talks, witnessed the signing of several agreements, among other engagements.
The two leaders are strongly interested in pushing higher trade between the two countries.
“We need to focus on two aspects in particular: increasing the level of reciprocal investment and increasing the levels of trade,” said Cyril Ramaphosa.
However, the South African leader noted that the number of South African companies have reduced from 70 firms to just 36.
Ramaphosa said South African companies also want to invest more in the banking, retail and telecommunication sectors in Uganda. South African companies such as Eskom, MTN, Stanbic Bank, ABSA and Multichoice are among the major businesses in Uganda.
“South Africa is open to increasing the quantity and diversity of products we source from Uganda, because the success of intra-Africa trade hinges on each of us sourcing from one another and prioritising “made and grown in Africa” products and services,” added Ramaphosa.
According to details from both leaders, the trade volume between the two countries in U$130m, but Museveni and Ramaphosa said they want it to increase four-fold in the next five years.
