President Samia Suluhu Hassan with Ugandan President Yoweri Museveni during a symposium that brought together Tanzania and Uganda businesspeople at State House, Dar es Salaam yesterday, PHOTO | STATE HOUSE
Dar es Salaam. With the historical similarities and ancient linkages, East African countries are able to achieve maximum unity in the form of political federation and economic integration.
This was among key points raised by Uganda’s President Yoweri Museveni during his keynote speech at the Presidential ceremony for the Tanzania-Uganda Oil and Gas Symposium 2021 held in the city yesterday.
President Museveni’s remarks also complemented his host’s, President Samia Suluhu Hassan, who agreed that partnerships between the brother countries would create a win-win situation.
Mr Museveni said, “Two levels of integration for East Africa - political and economic - as well as economic integration for all of Africa, would create a bloc in which we can negotiate durable market access internationally with the US, China, EU, Russia, India, Japan, Indonesia, etc.”
He added that, “Although on the other side we have different historical backgrounds with other African countries, it is possible and desirable to form a common market and interact economically. It will be a business and market of 1.4 billion people today that will grow to 2.5 billion by 2050.”
President Hassan added that, regarding the Tanzania-Uganda relationships, there is still more to be done to realize the full potential, such as boosting investments and trade.
Regarding the oil and gas sector, local experts will continue to explore new areas of cooperation, she said.
“However,” she added, “we understand that foreign investments are complemented with a sustainable domestic economy and productions that would create forward and backward linkages.”
In realising this, Tanzania has made much progress in creating a conducive business environment for investors, and especially in attracting investors in industries that use local raw materials.
“The government is working to eradicate all the non-tariff barriers to spur more economic integration,” she said.
Yesterday’s symposium focused on functional development of the oil and gas sector, as well as the mechanisms of doing and promoting business between the two countries. It is also expected to increase private awareness of the policies and regulatory frameworks for oil and gas in Uganda and Tanzania - and also create synergies and areas of cooperation between private sector companies in the two countries.
Speaking on why such discussions are important, the Ugandan President said it is for the prosperity of the African society which can be achieved through business.
“What does business need? Market. How do you get the market? It is by creating jobs, producing goods and services, improving government revenue, the tax base, strategic securities - and a strong army that can ensure our security, defending us against any and all enemies of whatever nature... All this, while taking advantage of our similarities, linkages and common history,” he stated.
President Museveni insisted that this is why the construction of the 1,445km East African Crude Oil Pipeline (EACOP) is important.
“The East African Oil pipeline is good, durable business. It will create a lot of jobs during construction” and thereafter, he said.
Construction of the $3.5 billion EACOP project is expected to create over 5,000 direct jobs, and over 20,000 indirect jobs.
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