South African President Jacob Zuma will be accompanied by a business delegation, interested in exploring opportunities in the oil, when he visits Uganda on 25 March.

In 2006 deposits of commercial hydrocarbon were discovered in Uganda in the Albertine Graben and since then there has been a flurry of interest in potential oil sector investment in the country.

South Africa's commercial footprint in Uganda includes the country's leading telecommunications company MTN Uganda, retail firms Shoprite and Game Stores and Stanbic Bank Uganda, a subsidiary of Standard Bank.

South Africa is now looking to send representatives from its mining and petroleum industries to explore investments in those sectors in Uganda.

The Uganda Investment Authority (UIA) predicts Uganda will attract investment worth $3 billion in 2010, led by foreign interest in the oil sector.

Reported by Reuters