Cairo, Egypt – President Yoweri Kaguta Museveni has called on Egyptian investors to inject capital and entrepreneurial expertise into Uganda, saying the two nations should turn their centuries-old Nile connection into a modern engine of economic growth.
Addressing the Egypt–Uganda Business Forum in Cairo alongside his host, President Abdel Fattah El-Sisi, Museveni said his mission was singular: to attract wealth. The high-level forum drew about 200 delegates under the theme “Strengthening Trade and Investment Cooperation between Uganda and Egypt”, with a focus on business-to-business engagements, business-to-government dialogue, and joint venture promotion.
“I could not come to Egypt without seeking wealth,” Museveni told the gathering. “Egypt and Uganda have been linked by the Nile since time immemorial, yet our trade is still too small at only $133 million. What we lack, and what Egypt can help us with, is capital and entrepreneurship.”
The President said capital could come directly from Egyptian investors or through their global networks, with the aim of fueling Uganda’s expanding economy. He noted Uganda’s recent transition into the low middle-income bracket, achieved through “careful packaging of philosophy, ideology, and the economy,” but stressed that reinforcement was needed.
‘Business is about goods and services’
Outlining Uganda’s investment potential, Museveni cited abundant land, fertile soils, water resources, minerals, fisheries, and a growing labour force — from today’s 46 million to a projected 106 million in 25 years. “Business is about goods and services; you don’t trade in words,” he said. “We have the land and labour. What we need is capital and entrepreneurship to unlock this potential.”
He warned that production without ready markets leads to failure, pointing to Japan’s earlier refusal to assemble vehicles in Uganda — a move they might now regret as the country manufactures its own, importing only lithium batteries.
Museveni tied his message to Africa’s broader need for market integration. “Two decades after independence, our leaders realised that without a united African market, we would never escape poverty. That is why we built COMESA, the East African Community, and now the African Continental Free Trade Area. First, let us work bilaterally — Uganda buying from Egypt and Egypt buying from Uganda — then engage the rest of Africa.”
He cautioned against fragmentation, warning Africa could mirror Latin America’s “misery despite resources” if unity is ignored. Museveni also thanked El-Sisi for supporting plans to build a foot-and-mouth disease vaccine factory in Uganda.
Egypt pledges stronger ties
President El-Sisi welcomed Museveni, calling Uganda “a main partner in the Nile Basin” and pledging to expand trade beyond the current $133 million. Egypt’s Minister of Investment and Foreign Trade, Hassan El Khatib, said the forum opened a new chapter in cooperation, highlighting opportunities in agriculture, industry, and infrastructure.
Uganda’s Finance Minister, Hon. Matia Kasaija, noted that trade reached $138 million in 2024, with Egypt’s exports at $112 million, but said this remained below potential.
He urged Egyptian firms to invest in Uganda’s cassava, dairy, and other agricultural value-addition sectors.
Several Memoranda of Understanding were signed during the forum, with both governments confident they will lead to deeper partnerships, stronger trade flows, and tangible economic transformation.
