Uganda applauds Algerian investors

By Ben Musanje

20^th May 2022

The Uganda National Chamber of Commerce and Industry-UNCCI has pledged to strengthen and grow trades with Algeria.

This will include harnessing investment and trade opportunities between the two countries, exchange of ideas, information between local businesses and Algerian counterparts.

These commitments were made during a visit of the Algerian business delegation to Uganda National Chamber of Commerce in Mulago on Thursday May 19, 2022 where they engaged with the private sector.

Samuel Musoke Majwega, the Vice President for UNCCI, affirmed the commitment to work together with the Algerian Chamber of Commerce and stakeholders encouraging joint projects and associations strengthening relations for both countries.

“We have received at least twenty business people from the Algerian business community. Some of them are from sectors like ICT, tourism, value addition, industrialization among others. They are looking for who to partner with in Africa,” said Majwega.

Speaking at the business council, the Commissioner of Finance and Planning at the Ministry of Energy and Mineral development, Paul Okitoi, said this was a chance for government entities to show case business opportunities to the business community from Algeria

Okitoi noted that the Ministry has enormous opportunities ranging from the petroleum subsector, energy subsector and the mineral subsector. For the mineral subsector there is enormous potential of natural resources, materials distributed across the country.

Through this value addition, the government will be able to generate a string of jobs across different value chains, generate incomes, taxes and increase exports hence reducing the balance of payment deficits in the country,” said Okitoi.

On his part, Deus Muhwezi, from the Ministry of Agriculture, indicated plans of processing powdered milk to penetrate the Algerian market.

With an agrarian economy, Uganda’s major sector is agriculture as a source of income and investment. The export revenues are up to 53% for over 10 years and there are over 4.2 million smallholder farmers

Currently Uganda is producing 3 billion liters of milk annually in the dairy subsector. The dairy has grown close to South Africa but penetrating markets with Uganda’s milk is still a challenge, according to Muhweezi.