Uganda & Algeria sign trade deals: 150 Algerian businessmen to travel to Kampala to discuss partnerships

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Algeria and Uganda signed a number of agreements on Sunday to boost their economic cooperation, during a four-day visit by President Yoweri Museveni to Algiers.

The agreements and the memoranda of understanding are related to energy, tourism, agriculture, animal health, higher education and scientific research, Algeria’s state-owned news agency APS reported.

Among the areas to be agreed on is for the Algerian parastatal to acquire a stake in the Ugandan company, which is yet to receive financing to commence construction. “We are looking at Algeria investing in our refinery. We want to build an inland refinery. It is absolutely necessary because it will cut transport costs seeing that we are far away from the coast,” said Museveni after the meeting with his host.
Dr. Michael Mugerwa, the General Manager of Uganda Refinery Holding Company, and Sonatrach Chairman and CEO, Toufik Hakkar each signed for their respective countries. The MoU covers oil and gas cooperation-Upstream, Midstream (refining and petrochemicals), Downstream, capacity building, and Oil & Gas Services.

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‘ ‘Algeria, therefore, working together with East Africa of which Uganda is a part, creates a very strong cluster for economic development ‘’ Museveni said.

The signing ceremony was held at the presidency in Algeria’s capital Algiers, and co-chaired by Algerian President Abdelmadjid Tebboune and Museveni.

Uganda is hoping to increase its agricultural exports to Algeria.

‘ ‘Ugandan wealth creators (the farmers, the manufacturers, the service providers –individuals and companies), will produce alot of coffee, tea, milk, beef, fish, forest products, maize, bananas, electric vehicles, electric motor-cycles, fertilizers, cocoa, cotton textiles, footwear and leather, pharmaceuticals and vaccines, etc’’ president Museveni said.

As the fourth largest oil producer in Africa, Algeria has extensive experience in the management of energy resources that provide most of its foreign exchange earnings. In Uganda, numerous new mineral deposits have been announced in recent years. With the country beginning its first oil drilling activities this year, it can benefit from Algeria’s experience in that sector. February 2023, Algeria announced its plan to invest $1 billion to finance development projects in Africa. For the time being, however, no specific detail has been provided on the investments concerned.
Earlier, the two presidents met to discuss “a number of issues of common interest, in addition to ways of coordinating positions aiming at supporting just causes in African and international arenas,”

‘’Our ancestors succeeded in the anti-colonial efforts in spite of having less capacity than what we now have in terms of education, infrastructure, economic development, the development of the Armed Forces, etc. Recently, I asked the following question: “Are the present generation of African leaders determined to build a Latin America in Africa or a United States of Africa in Africa?” Museveni remarked at a press conference – Algeria

Tebboune announced during the meeting that 150 Algerian businessmen will travel to Uganda’s capital Kampala to discuss potential partnerships with Ugandan companies, in an effort to strengthen bilateral relations.

read: Is MTN Uganda on the verge of becoming a bank? Are Ugandan banks ready for this monster?

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