President Yoweri Kaguta Museveni has today called on 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, H.E Abdel Fattah El-Sisi, President 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 focused on Business-to-Business (B2B) engagements, Business-to-Government (B2G) dialogues, and the 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,” President Museveni said.
He explained that capital could come directly from Egyptian sources or through Egypt’s global networks, with the goal of injecting investment and business acumen into Uganda’s rapidly expanding economy.
A Growing Economy Seeking Partners
The President highlighted Uganda’s economic progress, noting its recent move into the low middle-income bracket. “We are no longer among the least developed countries,” he said. “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.”
He reminded business leaders of the basics of production — land, labour, capital, and entrepreneurship — noting that Uganda has abundant natural resources, fertile soils, fresh water, minerals, fisheries, and a growing labour force of 46 million people, projected to more than double in the next 25 years.
President Museveni stressed that production without a ready market leads to failure, recalling how Japan initially ignored Uganda’s offer to assemble vehicles locally, only for Uganda to now manufacture its own vehicles with imported lithium batteries. He underscored the importance of market access, linking it to Africa’s need for unity and integration.
He urged African countries to learn from the success of the United States, which was built on the unity of its 13 colonies, warning against the pitfalls of fragmentation like in Latin America. “Shall we build a United States of Africa, or a fragmented Africa like Latin America?” he asked.
President Museveni also thanked President El-Sisi for agreeing to establish a foot-and-mouth disease vaccine factory in Uganda.
President El-Sisi reaffirmed Egypt’s commitment to deepening trade and investment ties with Uganda, describing Uganda as a main partner in the Nile Basin. Egypt’s Minister of Investment and Foreign Trade, Hassan El Khatib, echoed this, citing shared visions for prosperity and cooperation in agriculture, transformational industries, and infrastructure.
Uganda’s Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija, recalled prior agreements to strengthen bilateral relations and private-sector partnerships. He noted that trade between the two countries reached $138 million in 2024, with Egypt’s exports to Uganda at $112 million, but said the potential is far greater. He urged Egyptian companies to invest in value addition, especially in sectors like cassava and dairy, and expressed optimism that MOUs signed during the forum would spur new opportunities.
