Economy
Museveni Urges Egyptian Investors to Unlock Uganda’s Economic Potential
President Yoweri Kaguta Museveni has called on Egyptian investors to channel capital and entrepreneurship into Uganda, saying the two nations can transform their centuries-old Nile connection into a powerful driver of economic growth.
Speaking at the Egypt–Uganda Business Forum in Cairo alongside President Abdel Fattah El-Sisi, Museveni said his visit was guided by one overriding mission — attracting wealth. The forum, themed “Strengthening Trade and Investment Cooperation between Uganda and Egypt,” drew about 200 participants and focused on Business-to-Business (B2B) and Business-to-Government (B2G) engagements, joint ventures, and strategic partnerships.
“I could not come to Egypt without seeking wealth,” Museveni said. “The Nile links Egypt and Uganda 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 President urged Egyptian businesses to take advantage of Uganda’s fertile soils, abundant minerals, fisheries, and youthful population — currently at 46 million and projected to more than double in the next 25 years. He emphasised that investment could come directly from Egypt or through its global networks, but the goal remained the same: to inject both financial resources and business acumen into Uganda’s growing economy.
Highlighting Uganda’s recent progress into the low-middle-income bracket, Museveni noted that the country’s growth has been built on a careful blend of philosophy, ideology, and economic planning. “We need reinforcement, just as investors from India and China have helped us. Egypt, too, can join in and benefit,” he said.
Museveni also drew lessons from past missed opportunities, citing Japan’s initial reluctance to assemble vehicles in Uganda. “Now we manufacture our own, with only the lithium batteries imported. Those who missed the early chance missed a golden opportunity,” he remarked.
Linking the discussion to Africa’s broader development, Museveni stressed the importance of market integration through regional blocs like COMESA, the East African Community, and the African Continental Free Trade Area. “First, let us work bilaterally — Uganda buying from Egypt and Egypt buying from Uganda — then we shall engage the rest of Africa,” he said.
President El-Sisi reaffirmed Egypt’s commitment to boosting bilateral trade and investment. “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 stated
Comments
