In a bid to strengthen the bilateral relations between Uganda and Egypt, President Yoweri Kaguta Museveni on Tuesday held a meeting with key Egyptian investors at State House, Entebbe, during which they discussed trade opportunities between the two countries for the New Year.
The Egyptian delegation, which is Uganda for the Non-Aligned Movement (NAM) summit, was led by Dato Arshad Mahmood, the Chairman of the International Investment Consortium, the institution responsible for overseeing foreign trade and investment in Egypt.
The meeting, which was organised by Hon. Evelyn Anite, the State Minister of Finance for Investments and Privatisation, aimed at paving avenues for Egyptian investors to invest in Uganda, plus creating business opportunities for Ugandan traders and investors in Egypt.
“I had a meeting today with a group of Egyptian investors at Statehouse, Entebbe. The delegation was led by Dato Arshad Mahmood, Chairman of the International Investment Consortium. During the meeting, I emphasized the importance of robust infrastructure, such as roads, railways, and water systems, for successful business operations,” Museveni said on Twitter shortly after the meeting.
He also observed that; “Additionally, I highlighted the strength of Uganda’s agro-processing sector and encouraged them to explore the lucrative investment opportunities available, particularly in sectors such as coffee roasting, textiles, fruit processing, dairy, and mining, among others. I welcome them and wish them good luck!
The meeting came on the sidelines of the Non-Aligned Movement (NAM) summit currently underway at Munyonyo Speke Resort, which attracted thousands of delegates from several countries across the world to discuss among other important issues, governance, investments, climate change, and security in the NAM member states.
It should be noted that for more than 30 years, Egypt and Uganda have expressed their common interest, cooperation, and coordination on many aspects of bilateral political and economic relations, on regional issues, especially in South Sudan and the Horn of Africa, about the Nile waters, technical cooperation in the management of water resources in general, as well as security and military cooperation and countering terrorism.
Information indicates that in 2021, Uganda exported $13.3M to Egypt, the main exports being Butter ($6.41M), Coffee ($4.67M), and Raw Tobacco ($1.19M). During the last 26 years the exports of Uganda to Egypt have increased at an annualized rate of 3.8%, from $5.03M in 1995 to $13.3M in 2021.
On the other hand, in the same year (2021), Egypt exported $79.9M to Uganda, the main exports being Raw Sugar ($12.7M), Toilet Paper ($8.53M), and Packaged Medicaments ($5.57M). During the last 26 years, the exports of Egypt to Uganda have increased at an annualized rate of 14.1%, from $2.58M in 1995 to $79.9M in 2021.