Kampala. In a move to reduce the glaring trade imbalance between Uganda and Egypt, a fact finding mission for a business delegation comprising potential investors from Egypt has been arranged by Trade Minister, Ms Amelia Kyambadde.
Trade imbalance between the two countries massively favours Egypt with Uganda importing goods worth Shs260b compared to Shs7.5b exports to the North African country.
For that, over the next three days, a delegation headed by the Egyptian deputy minister of trade and industry, Mr Ahmad Taha, will be engaging with selected ministries, department and agencies of government as well as the private sector on how to do business together.
This, if successful, will result into partnerships between Egyptian companies and the local private sector.
Already, Egyptians are looking to invest in agriculture, agro-processing, pharmaceutical and packaging among others.
“Our intention is to do business together. What we are looking for is a win-win situation for Egypt and Uganda. That is how we will solve the problem of trade imbalance,” Mr Taha said in a sideline interview.
Ms Kyambadde, said the plan will culminate into several meetings beginning in Lusaka, Zambia and then followed up in Cairo, Egypt.
“We are now at the fact finding mission stage. After that we will have our delegation go to Egypt as well. But the entire mission is to attract investment here and by doing so we will be closing the trade imbalance between the two countries,” she said.
Mr Moses Goli Ogwal, from Private Sector Foundation Uganda, said they will help to organize members in a way that will help them to tap into the growth potential.
“We have organized our members in such a way that there will be a matchmaking between the investors here and those from Egypt so that we can optimally benefit from this development,” he said.