The two-day Uganda and Somalia joint investment summit started today at Speke Resort Munyonyo in Kampala.
The event is aimed at promoting Kampala-Mogadishu partnership through investment, trade and tourism.
President Museveni and his Somali counterpart, Hassan Sheikh Mohamud will address the event aimed at providing a platform for the private sector to discuss with the respective government agencies how the cost-of-doing business can be eased.
Uganda’s Ambassador to Somalia Prof. Sam Tulya-Muhika said that the Uganda-Somalia Investment and Business Summit will strengthen bilateral cooperation in trade and investment between the two fraternal countries and support potential investors.
Uganda, which was the first country to deploy troops to Somalia and remains the leading Troop Contributing Country (TCC) to AMISOM (African Union Mission in Somalia) -- is now proactively engaging in Commercial diplomacy to exploit the prevailing Somalia/Uganda bilateral trade.
The Summit, according to the statement, will facilitate open trade discussions, as well as B2B sessions to explore investment opportunities that will enable both countries increase revenue and exploit the gains achieved by UPDF/ATMIS.
This past Sunday the two nations held the inaugural session of the joint permanent commission, which aimed at concluding the three Memoranda of Understanding in diplomatic and political consultations, defence and trade.
Uganda and Somalia signed a Framework Agreement on November 19, 2016, in Kampala. The Agreement identified specific areas of cooperation within the Political Sector, the Economic Sector
and the Social Sector.
The foreign affairs ministry permanent secretary Vincent Bagirire said the Summit will culminate in the launch of the Joint Investment and Business Council in both countries and the adoption of the report of the investment & business Summit aimed at improving bilateral trade.
"This Summit exemplifies mutual commitment to private sector-led development as well as our focus on expanding the profitable execution of abundant investment potential," said Morrison Rwakakamba, the Uganda Investment Authority board chairman.
"It further strengthens Somalia's and Uganda's commercial ties. From an investment standpoint, I am glad to note that as countries, we share similar approaches to investment promotion and facilitation."
Mohamud on Tuesday visited Luwero Defence Industries in Nakasongola.
He was accompanied by the Minister of Defence and Veteran Affairs Vincent Bamulangaki Sempijja,