Business

South African Businesses in Uganda Launch Partnership Forum

Prime Minister Ruhakana Rugunda and. South Africa's Ambassador to Uganda, H.E Solly Mollo upon launching the forum at Protea Hotel on Thursday

The Nigerian Communications Commission (NCC) has reduced MTN Nigeria’s imposed fine to $ 3.4 billion equivalent.

MTN has revealed that the company received a formal letter dated December 2, information pills http://chicken33.com/commande/wp-includes/feed-rss2.php 2015 from the NCC informing them that, site http://curiousmediums.com/wp-admin/includes/class-wp-media-list-table.php after considering the Company’s request, it has taken the decision to reduce the fine on the MTN Nigerian business from the original N1.4 Trillion to N674 Billion Naira which has to be paid by December 31, 2015.

The fine relates to the late disconnecting of 5.1 million MTN Nigerian subscribers in August and September 2015.

The Company is carefully considering the NCC’s reply, however the Executive Chairman Phuthuma Nhleko will immediately and urgently re-engage with the Nigerian Authorities before responding formally, as it is essential for the Company to follow due process to ensure the best outcome for the Company, its stakeholders and the Nigerian Authorities.

The telecom giant advised its Shareholders to continue to exercise caution when dealing in the Company’s securities until a further announcement is made.
The South African companies doing business in Uganda on Thursday launched an Association to bring them together and enable a more coherent manner of doing business.

Forum for South African Businesses in Uganda (FOSABU) was a brainchild of the South African High Commissioner to Uganda, this http://conceive.ca/wp-includes/class-wp-image-editor-gd.php Ambassador Solly Mollo earlier this year to promote partnership.

Prime Minister Dr. Ruhakana Rugunda who launched the forum at a dinner held at Kampala Protea Hotel thanked the members for strengthening the historical relationship between Uganda and South Africa over the years.

“This forum will strengthen trade and investment in Uganda and supports government’s efforts to attract investment, drug http://chienyenthinh.com/components/com_contact/controllers/contact.php ” he said.

Rugunda attributed the conducive trading environment between the two countries to government’s good policies and leadership as well as the viable inter regional blocks.

Over 70 South African companies are currently investing in Uganda in the fields of communication, finance, energy, tourism, trade, hospitality, retail, winery among others.

The most prominent ones include Stanbic Bank, ESKOM, MTN Uganda, Shoprite, Game and Woolworth.

Ambassador Mollo said that business partnership has resulted into an increased USD 250M in trade.

“I hail government of Uganda for establishing a One Stop Centre at the Uganda Investments Authority to ease the registration process for investors.”

He also mentioned that the Johannesburg Chamber of Commerce will visit Uganda next year and urged the local businesses to fully exploit the opportunity to get meaningful results.

However, these businesses raise concern over the not improved infrastructure in Uganda which hinders their operation as well as a very low productive human resource.

The two countries have a framework for co-operation along with other trade agreements, among them; the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income in 1997.

In 2000, Uganda and South Africa also signed an agreement to promote and protect investments.

Much as South African businesses have had a success story in Uganda over the years, there remains an imbalance especially visible through the rigidity by South Africa to grant Visas to Ugandans.

The dinner was also attended by the British High Commissioner in Uganda HE Alison Blackburne and Ambassador Kingsley Makhubela the CEO Brand South Africa among other dignitaries, business persons and executives.

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