President Yoweri Kaguta Museveni has intimated to Algerian investors that he one-time stopped Japanese investors from setting up a motor vehicle assembling plant in Uganda.
According to Museveni, the Asian investors had heard that that Uganda had the raw materials needed and were ready to set up business in the East African country.
“I said your chance is finished. I no longer want assembling because you missed that chance when I was asleep but now we’re going to make our own vehicles,” the President said in a meeting with the Algerians.
The President was meeting a delegation from Algeria headed by their Minister of Trade and Export Promotion, Hon. Tayeb Zitouni at State Lodge-Nakasero on Saturday, 30th September 2023.
The President told the Algerians that Ugandan bushes have a lot of medicine which their ancestors have been using for a long time in a traditional way and Ugandan scientists have of late made exciting discoveries including Covidex; well known for curing Coronavirus.
“Therefore, I’m very glad that you have come. I thank the President of Algeria H.E Abdelmadjid Tebboune for sending you and when I heard you were here, I said I must see them,” the President said.
A high-powered Algerian delegation who included investors in energy, agricultural processing, medicine and pharmaceuticals, paper recycling and packaging and irrigation solutions, among others also discussed solutions to potential challenges that would affect trade relations of the two countries.
Tayeb informed President Museveni that Algeria imports milk from other countries worth 700 million US dollars and their hope was to channel that money to Uganda because of its quality fresh milk.
The Ugandan Minister for Trade, Industry and Cooperatives, Francis Mwebesa revealed that his ministry has taken note that some companies are ready for export to Algeria. These include; Brookside, Amos Dairies and Pearl Dairies.
The trade minister informed the President that a Memorandum of Understanding establishing a joint Business Council between the Uganda National Chamber of Commerce and the Algerian Chamber of Commerce was been signed.
The Joint Business Council will be charged with continuously identifying business opportunities between the two countries and facilitating the resolution of challenges affecting the two countries.
Uganda and Algeria agreed to adopt the guided trade initiative of the African Continental Free Trade (AfCFTA) to enable similar tariff offers that promote trade between both countries in the product line of each other’s interest.