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Uganda Welcomes Algerian Investors for Trade and Cooperation Talks

uganda welcomes algerian investors for trade and cooperation talks
uganda welcomes algerian investors for trade and cooperation talks
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President Yoweri Kaguta Museveni of Uganda has expressed his country’s readiness to collaborate with Algerian investors to enhance trade and investment between the two nations. This collaboration builds on a long-standing relationship dating back to the 1960s.

During a meeting with an Algerian delegation led by Minister of Trade and Export Promotion, Hon. Tayeb Zitouni, President Museveni emphasized the potential for economic prosperity in both countries. He highlighted the importance of balancing production and consumption to achieve prosperity, stating, “Our pockets are instruments of empowerment.”

President Museveni acknowledged the complementary nature of East Africa, North Africa, and the Middle East, emphasizing Uganda’s capacity to trade in fresh agricultural products.

He noted, “The only thing we didn’t concentrate on was wheat. Even with rice, we don’t grow so much of it. For the milk, we can produce any amount.”

President Museveni also discussed Africa’s role in empowering other nations and stressed the need for the continent to focus on self-reliance and prosperity.

Regarding medicine, he mentioned Uganda’s rich biodiversity and traditional medicine practices, highlighting recent discoveries like Covidex, known for its effectiveness against COVID-19.

The high-powered Algerian delegation, comprising investors in various sectors, discussed potential challenges that could affect trade relations.

Minister Tayeb informed President Museveni that Algeria imports $700 million worth of milk from other countries, expressing the desire to source quality fresh milk from Uganda.

Uganda’s Minister for Trade, Industry, and Cooperatives, Hon. Francis Mwebesa, identified companies prepared for export to Algeria, including Brookside, Amos Dairies, and Pearl Dairies. Additional companies such as Milkman, Jesa, Rainbow, GBK, and Lakeside are poised to join to meet market demands.

The Algerian government has offered increased market access for Ugandan beef, prompting efforts to scale up meat production.

The meeting followed a directive from President Museveni and Algerian President Abdelmadjid Tebboune in March 2023 to explore business and investment opportunities.

The visit also included the launch of the 1st Uganda/Algeria joint exhibition, showcasing a variety of high-quality and affordable Algerian products.

Additionally, a Memorandum of Understanding establishing a joint business council between the Ugandan National Chamber of Commerce and the Algerian Chamber of Commerce was signed, aimed at identifying business opportunities and resolving challenges between the two countries.

Both Uganda and Algeria agreed to adopt the guided trade initiative of the African Continental Free Trade Agreement (AfCFTA) to facilitate trade and promote mutual interests.

The meeting was attended by the Ambassadors of Algeria and Uganda to each other’s countries, along with key officials from both nations.