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Uganda-Tanzania Business Forum 2024 Boosts Bilateral Trade and Investment

Tanzania-Uganda Business Forum 2024

The Second Uganda-Tanzania Business Forum, held in Dar es Salaam on May 23-24, 2024, aimed to bolster bilateral trade and investment relations between Uganda and Tanzania.

The forum, themed “Enhancing Our Win-Win Bilateral Relationship,” brought together high-level officials, ministers, industry representatives, and experts from both nations.

Among the attendees were Prime Minister Kassim Majaliwa of Tanzania, Hon. January Makamba, Tanzania’s Minister of Foreign Affairs and East African Community, Hon. John Mulimba, Uganda’s Minister for Regional Cooperation, and Hon. Monica Musenero, Uganda’s Minister of Science and Technology.

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During the forum, Prime Minister Kassim Majaliwa emphasized the importance of creating a conducive business environment to attract investors and businesspeople from abroad. He underscored the need to tackle challenges such as non-tariff barriers (NTBs) and highlighted the role of standards watchdogs in ensuring product quality.

Hon. John Mulimba urged traders in both countries to fully utilize the East Africa Community’s (EAC) common market protocol to increase production and trade. He highlighted milestones achieved since the last Joint Permanent Commission (JPC), including a 12%-15% growth in exports between the two countries.

Figures of trade were discussed, with stakeholders expressing optimism about addressing existing challenges and bolstering investment between the two countries. Mr. Raphael Maganga, CEO of the Tanzania Private Sector Foundation (TPSF), highlighted that in 2023, Tanzania exported goods worth $192 million to Uganda, while Uganda exported goods worth approximately $96 million to Tanzania.

Discussions also centered on reducing NTBs, streamlining border procedures, and promoting regional market integration to facilitate the movement of goods and services. Stakeholders emphasized the importance of investment in key sectors such as agriculture, manufacturing, and energy to boost trade volumes and economic growth.

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During the forum, Hon. John Mulimba highlighted the potential for Tanzania to purchase buses for the Dar es Salaam Bus Rapid Transit System Project from Uganda. This move would signify a strategic partnership between the two countries in the transportation sector.

Additionally, representatives from the Tanzania Private Sector Foundation (TPSF) stressed the need for collaborative efforts between the private sector and governments to drive industrialization and diversify trade.

In conclusion, the Uganda-Tanzania Business Forum 2024 served as a platform for fruitful discussions on enhancing bilateral trade and investment relations. Participants expressed their commitment to overcoming challenges and harnessing the potential of Tanzania-Uganda trade relations for mutual growth and prosperity.

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