Overview:
At a business forum in Cairo, President Museveni made a direct plea for Egyptian investment, stating that Uganda needs capital and entrepreneurship to fully unlock its economic potential and grow its $133 million trade volume with Egypt.
President Yoweri Museveni called on Egyptian investors to increase their capital and entrepreneurial ventures in Uganda, saying the two nations can transform their centuries-old connection via the Nile into a powerful engine for economic growth.
Speaking at the Egypt–Uganda Business Forum in Cairo, Museveni said his visit had one overriding mission: attracting wealth.
“I could not come to Egypt without seeking wealth,” Museveni said. “Egypt and Uganda are linked by the Nile since time immemorial, but our trade is still too small, only $133 million. That does not match our relationship. What we lack, and what Egypt can help us get, is capital and entrepreneurship.”
The forum, held under the theme “Strengthening Trade and Investment Cooperation between Uganda and Egypt,” drew about 200 participants. The discussions focused on business-to-business and business-to-government engagements, as well as promoting joint ventures.
Museveni highlighted Uganda’s recent progress to a low middle-income country, a status he said was achieved through careful economic planning. However, he noted that the country needs “reinforcement” from foreign partners, just as it has received from India and China.
The president reminded business leaders that production requires land, labor, capital and entrepreneurship. He said Uganda has abundant land, fertile soil, fresh water, minerals and a growing labor force of 46 million people, which is projected to grow to 106 million in the next 25 years.
“What we are looking for is more capital and entrepreneurship to unlock this potential,” he said.
Museveni also stressed the importance of a unified African market, citing the creation of the Common Market for Eastern and Southern Africa, the East African Community and the African Continental Free Trade Area. He thanked El-Sisi for agreeing to build a foot-and-mouth disease vaccine factory in Uganda.
El-Sisi reaffirmed Egypt’s commitment to strengthening trade and investment ties.
“We see Uganda as a main partner in the Nile Basin and are keen to expand our trade beyond the current $133 million,” El-Sisi said.
Ugandan Finance Minister Matia Kasaija noted that trade between the two countries reached $138 million in 2024, with Egyptian exports accounting for $112 million. He encouraged Egyptian companies to invest in Uganda’s value-addition industries, particularly in agriculture.
Kasaija expressed confidence that memorandums of understanding signed during the forum would create new opportunities for cooperation.