SA and Uganda Want to Increase Ties

South Africa’s President Jacob Zuma returned from a two-day trip to Uganda during which he called for increased trade relations and economic ties between the countries.

Zuma said the countries have agreed on a bilateral trade agreement, the reciprocal promotion and protection of investment agreement, the avoidance of double taxation, and the prevention of fiscal evasion with respect to taxes and incomes. The South African President said that these accords should be implemented immediately by establishing a joint trade committee.

Although oil is present in Uganda’s Lake Albert region, the countries said that oil will boost Uganda’s economy, but it will also provide South African businesses new areas of investment in other key sectors within the energy field – possibly indicating a closer look at more alternative and renewable energy sources.

“There is much more that can be done in such areas as revenue services, as well as financing small and medium enterprises through collaboration between the Uganda Development Bank and South Africa’s Industrial Development Corporation,” Zuma said.

Subscribe to Alternative Energy Africa today for more in depth news in the alternative/renewable energy sector and be sure to grab your risk-free trial to see what we’re doing in 2010.