BY BANKERS REPORTER
Private Sector Foundation Uganda (PSFU) together with Tanzania Private Sector Foundation (TPSF) in partnership with The Ministry of Foreign Affairs through its Uganda High Commission in Tanzania will convene a Tanzania- Uganda Oil and Gas symposium on November 25, 2021 in Dar-es-Salaam.
The theme of the symposium is “Enhancing Private Sector Participation in the Oil and Gas Sector.”
Tanzania and Uganda enjoy a long-standing, deep, historical diplomatic and economic relationship that has been strengthened by recent developments in the oil and gas industry, principally the East African Crude Oil Pipeline (EACOP) project.
It is estimated that during just the construction phase of EACOP, Uganda and Tanzania will see an increase of over 60% in Foreign Direct Investment, and that the investment in the oil and gas projects shall total up to $20 billion, with the EACOP investment alone, at over $ 3.5 billion.
The symposium will provide a platform for the private sector to network, understand industry opportunities and challenges, showcase their capacities through experience-sharing, identify key strategies that can enable partnerships and joint ventures between Uganda and Tanzania private sector and interact with public sector actors on legal and policy matters that govern the industry, in both Uganda and Tanzania.
“The EACOP which runs from Lake Albert to the Tanzanian port of Tanga, will create over 5,000 jobs, and could create a further indirect 20,000 jobs for our people. Therefore, communication is vital to bring local companies up to speed with what is required of them to participate in this oil and gas sector,” Elly Karuhanga, Chairman, PSFU noted.
The Ugandan High Commissioner to Tanzania, Ambassador Richard Kabonero said the symposium will promote cooperation between the two countries to facilitate business within the oil and gas sector.
H.E Ambassador Aziz P. Mlima, High Commissioner of the United Republic of Tanzania to Uganda said, “In this regard, the government reaffirms its readiness in working with different stakeholders to make the EACOP project a reality to our local communities as well as our private sectors.
“The Joint Businesss forum between our two countries focusing on Oil and Gas will be the appropriate vehicle to bring the two private sectors to establish contacts and work together towards achieving common goals.”
The symposium will be a hybrid event to ensure observation of the COVID 19 standard operating procedures of those physically present in Dar-es-Salaam while also accommodating other participants virtually.