President Yoweri Kaguta Museveni has urged Egyptian investors to channel capital and entrepreneurship into Uganda, saying the two nations can turn their shared Nile heritage into a driver of economic growth.
He made the appeal at the Egypt–Uganda Business Forum in Cairo, alongside his host, President Abdel Fattah El-Sisi. The event drew about 200 participants under the theme: “Strengthening Trade and Investment Cooperation between Uganda and Egypt.”
The high-level meeting is focusing on five areas, including business-to-business engagements, business-to-government dialogues, and promotion of joint ventures and strategic partnerships.
“I could not come to Egypt without seeking wealth,” Museveni said. “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 capital could come directly from Egypt or through its global networks — the aim being to inject investment and business skills into Uganda’s expanding economy.
Museveni noted that Uganda has recently moved 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 outlined the basics of production.
“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 market leads to failure. He recalled urging Japan years ago to assemble vehicles in Uganda.
“They ignored us then. Now we manufacture our own 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.”
He linked the point to Africa’s need for unity and market integration.
“Our leaders realized, 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.”
He cautioned against fragmentation.
“Latin America has more natural resources than the United States, yet people walk on foot to the US because of misery. Why? Because it is disorganized. The US succeeded because its leaders united 13 colonies into a single market. Shall we build a United States of Africa, or a fragmented Africa like Latin America?”
Museveni also thanked El-Sisi for agreeing to establish a foot-and-mouth disease vaccine factory in Uganda.
For his part, El-Sisi pledged to deepen trade and investment ties.
“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.”
Egypt’s Minister of Investment and Foreign Trade, Hassan El Khatib, called the meeting “a new chapter” in cooperation. He said both countries share a vision of prosperity for their people and the continent.
He pointed to Egypt’s achievements in infrastructure, power plants and modern agriculture as examples of what partnerships can achieve.
“Our engagement today is about integration and collaboration on the international economic map. Together, we can drive sustainable development, stabilize our economies, and strengthen intra-African trade, with the African Continental Free Trade Area as a key pillar,” he said.
Uganda’s Finance Minister, Matia Kasaija, said the forum builds on a 2018 agreement to deepen bilateral relations.
“I am pleased to see that our discussions have matured into this business forum,” he said. “It is encouraging to witness the growing trade between our two countries, which reached $138 million in 2024. Egypt’s exports to Uganda rose to $112 million, while Ugandan exports are also growing — but this is still below our potential.”
Kasaija urged Egyptian companies to invest in Uganda’s value-addition industries, including cassava and dairy products.
He said the MOUs signed during the forum will open new opportunities in several sectors.
“This forum gives our private sectors a platform to network, create partnerships, and turn potential into real economic transformation.”
