Uganda eyes $44bn in trade and investment at Intra-African Trade Fair
At the trade fair, Finance Minister Matia Kasaija, who is representing President Yoweri Museveni, is expected to present to potential investors the key areas where Uganda requires investment, collaboration and partnerships.
Finance Minister Matia Kasaija (2nd left) in a group photo. According to the Ministry of Finance, potential areas of investment include the dairy sector, mining, agro-industrialisation, and manufacturing opportunities through the available industrial parks. (Courtesy photos)
By Prossy Nandudu
Journalists @New Vision
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The Ugandan government is seeking to secure a share of the $44bn at the ongoing 4th Edition of the Intra-African Trade Fair (IATF) in Algiers, Algeria.
The summit, which opened on 4 September and will run until 10 September, has attracted investors, the business community and representatives from over 75 countries showcasing trade and investment opportunities.
At the trade fair, Finance Minister Matia Kasaija, who is representing President Yoweri Museveni, is expected to present to potential investors the key areas where Uganda requires investment, collaboration and partnerships.
According to the Ministry of Finance, potential areas of investment include the dairy sector, mining, agro-industrialisation, and manufacturing opportunities through the available industrial parks.
The IATF is a premier platform for trade and investment in Africa, organised by the African Export-Import Bank (Afreximbank) in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat.
The fair aims to bring together continental and global players to explore business and investment opportunities in Africa; provide a marketplace for buyers and sellers; and offer a platform for B2B and B2G exchanges, as well as the development of business opportunities.
Other opportunities for entrepreneurs and the business community include sharing trade, investment and market information, and identifying solutions to address challenges affecting intra-African trade.
Running under the theme “Boosting Intra-African Trade for a Sustainable Future: Innovation, Value Addition, and Green Industrialisation”, the Uganda Free Zones and Export Promotions Authority is leading Uganda in showcasing products available for export, alongside the investment opportunities on offer in the country.
Uganda’s trade relationship with Algeria
Uganda already trades with Algeria in the dairy sector. Earlier this year, the first shipment of 500 metric tonnes of powdered milk was exported to Algeria, at a ceremony witnessed by President Yoweri Museveni.
The consignment formed part of 2,100 metric tonnes of high-quality milk powder, worth over $8 million, required by Algeria.
This export followed bilateral negotiations and a Memorandum of Understanding signed during President Museveni’s visit to Algeria in March 2023, which opened markets for coffee, milk and other Ugandan products.
The Minister of Agriculture, Animal Industry and Fisheries, Frank Tumwebaze, who witnessed the development alongside Brookside and representatives from the dairy sector, expressed hope for increased exports to sustain and guarantee markets for farmers.
Other products exported by Uganda to Algeria include coffee, tea, maté and spices, cocoa and cocoa preparations, and edible vegetables and tubers, according to Trading Economics.