The Independent Uganda: You get the Truth we Pay the Price
Cairo, Egypt | THE INDEPENDENT | President Yoweri Kaguta Museveni has urged Egyptian investors to channel capital and entrepreneurship opportunities into Uganda, saying the two countries can transform their centuries-old Nile connection into a powerful engine for economic growth.
Speaking at the Egypt–Uganda Business Forum in Cairo alongside his host, the Egyptian President Abdel Fattah El-Sisi, Museveni declared that his visit was driven by one overriding mission: attracting wealth. The Egypt-Uganda Business Forum attracted about 200 participants under the theme: “Strengthening Trade and Investment Cooperation between Uganda and Egypt.”
The high-level forum is focusing on five key areas, among which include Business-to-Business (B2B) engagements, Business-to-Government (B2G) dialogues, promotion of joint ventures and strategic partnerships. “I could not come to Egypt without seeking wealth. 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,” he said.
Museveni explained that capital could come directly from Egyptian sources or through Egypt’s global networks, but the goal remains the same: to inject investment and business acumen into Uganda’s rapidly expanding economy.
Museveni highlighted Uganda’s economic progress, noting that it had recently moved into the low middle-income bracket. “We are no longer among the least developed countries. Our economic growth is the result of careful packaging of philosophy, ideology and the economy, but we need reinforcement just as investors from India and China have helped us, Egypt too can join in and benefit,” Museveni said.
“Business is about goods and services; you don’t trade in words. You need land, labour, capital and entrepreneurship. Uganda has abundant land, fertile soils, fresh water, minerals and fisheries. We have a growing labour force, 46 million people today in Uganda, projected to be 106 million in the next 25 years. What we are looking for is more capital and entrepreneurship to unlock this potential.” Museveni warned that production without a ready market leads to failure.
Drawing lessons from history, he recounted his efforts to persuade Japan to assemble vehicles in Uganda. “They ignored us then. Now we manufacture our vehicles, with only the lithium batteries imported. Those who missed the early chance missed a golden opportunity. The power of the pocket is crucial. Someone who buys from you is helping you.”
The President linked this to Africa’s need for unity and market integration. “Our leaders realised, two decades after independence, that without a united African market, we would never get out of poverty. That is why we built COMESA, the East African Community, and now the African Continental Free Trade Area. I am glad Egypt joined COMESA. But first, let us work bilaterally, Uganda buying from Egypt, and Egypt buying from Uganda, then we shall engage the rest of Africa.”
President El-Sisi reaffirmed Egypt’s commitment to deepening trade and investment ties with Uganda. “It gives me pleasure to welcome my brother, the President of Uganda. We see Uganda as a main partner in the Nile Basin and are keen to expand our trade beyond the current $133 million. This forum is a great step towards our shared goals,” El-Sisi said.
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