In a bid to reduce the trade imbalance between the two countries, Uganda is set to host the first-ever Egypt Invest and Trade Week.
According to Mahmoud Sayed Hassanin, the Undersecretary for the Egyptian Ministry of Trade and Industry, their government has developed an ambitious industrialization strategy targeting Uganda and other African markets, especially in manufacturing, agriculture and infrastructure.
He said the Egypt Invest and Trade Week to be held in Kampala will see these opportunities discussed.
“Both countries will greatly benefit from this initiative because it will bring traders together for mutual cooperation. We can as well improve trade imbalances between the two countries,” Mahmoud said at a function held at the Pearl of Africa Hotel in Kampala.
The strategy will include vocational training so as to ensure skilled manpower to be used as the main pillar in the supply chain for components and parts needed in various industrial processes.
There will also be processing of food and textiles on top of infrastructure development, all meant to benefit both countries.
In 2018, Uganda imported goods worth shs260 billion compared to the shs7.5 billion in exports to Egypt, a situation that shows that the trade imbalance between the two countries mostly favours the North African country.
Uganda mainly imports cereals, flour, starch, milk preparations, pasta and bread among other products from Egypt but exports include steel and iron.
However, according to Hillary Emmanuel Musoke, the president’s Private Secretary in charge of youth, agriculture, value addition and export promotion, the initiative will greatly benefit Uganda.
“Egypt is one of those countries developed in agro-processing and industries. The exhibition will, therefore, present an opportunity for us to partner them,”Musoke said.
“We so much depend on imports but if they can come to start industries here, it will help add value to our products but also start manufacturing the goods we import.”
According to the president’s private secretary, the factories will ensure jobs for both the skilled and unskilled Ugandans.
The Egypt Invest and Trade Week will run from February 25 to 27 2020 and the trade fair will feature leafing manufacturers from Egypt in a number of sectors including petrochemicals, plastics, packing, packaging, printing and engineering industries.