President Museveni Welcomes Algerian Investors to Boost Trade
President Yoweri Kaguta Museveni of Uganda has expressed his readiness to collaborate with Algerian investors to enhance trade and investment between their nations, which have shared a longstanding relationship since the 1960s.
During a meeting with a delegation from Algeria, led by their Minister of Trade and Export Promotion, Hon. Tayeb Zitouni, President Museveni emphasized the potential for economic cooperation. He highlighted the importance of both producing goods and services and having consumers to support prosperity.
President Museveni noted the complementarity between East Africa, North Africa, and the Middle East and how they can engage in trade, particularly in fresh agricultural products.
He emphasized Uganda’s capability to produce abundant milk and other products needed in North Africa and the Middle East, except for wheat and rice, which are not primary crops in Uganda.
Additionally, President Museveni mentioned Africa’s need to reduce dependency on foreign products and industries, citing the example of Japanese vehicles and pharmaceuticals. He pointed out that Uganda possesses abundant natural resources for medicines and highlighted the development of Covidex, a local solution for COVID-19 treatment.
President Museveni welcomed the Algerian delegation’s visit, acknowledging the importance of strengthening economic ties between the two nations.
The Algerian delegation, comprising investors in various sectors, discussed potential challenges and solutions that could affect trade relations between the two countries.
Hon. Tayeb Zitouni informed President Museveni that Algeria imports milk worth $700 million from other countries and expressed interest in sourcing high-quality fresh milk from Uganda.
Ugandan Minister for Trade, Industry, and Cooperatives, Hon. Francis Mwebesa, identified companies ready for export to Algeria, including Brookside, Amos Dairies, and Pearl Dairies. He also mentioned that other companies, such as Milkman, Jesa, Rainbow, GBK, and Lakeside, plan to enter the market.
The government of Algeria offered increased market access for Ugandan beef, leading to plans to scale up meat production.
The meeting followed President Museveni’s earlier directive in March 2023, urging Algerian businesspersons to explore business and investment opportunities in Uganda.
The delegation attended the launch of the 1st Uganda/Algeria joint exhibition in Kampala, showcasing various products, including shoes, electrical goods, and edible oils from Algeria.
A Memorandum of Understanding was signed to establish a joint business council between the Ugandan National Chamber of Commerce and the Algerian Chamber of Commerce, aiming to identify business opportunities and address challenges continuously.
Both countries agreed to adopt the guided trade initiative of the African Continental Free Trade Agreement (AfCFTA) to promote trade through favorable tariff offers.
The meeting was attended by Algerian Ambassador H.E. Cherif Oualid, Ugandan Ambassador H.E. Alintuma Nsambu, Uganda’s Minister of State for Trade Hon. Harriet Ntabazi, Permanent Secretary of the Ministry of Trade Ms. Geraldine Ssali, and the chairperson of the Presidential Advisory Committee on Exports and Industrial Development (PACEID), Mr. Odrek Rwabwogo.