Egypt, Uganda launch Business Council to boost investment

Ahram Online , Wednesday 4 Dec 2024

Minister of Foreign Affairs Badr Abdelatty announced Wednesday the launching of a Business Council between Egypt and Uganda to boost investment during a press conference in Cairo with his Ugandan counterpart Henry Oryem Okello.

Egyptian Minister of Foreign Affairs Badr Abdelatty speaks during a press conference in Cairo with h
Egyptian Minister of Foreign Affairs Badr Abdelatty speaks during a press conference in Cairo with his Ugandan counterpart Henry Oryem Okello. Photo: Egyptian foreign ministry

 

During the presser, the Egyptian FM affirmed the state's keenness to elevate its relations with Uganda into a strategic partnership, highlighting Cairo's efforts to develop economic ties with the Southern Basin countries.

For his part, the Ugandan FM affirmed the historical ties between both nations and his country's aspiration to raise economic cooperation with Egypt.

According to the Observatory of Economic Complexity, Egyptian exports to Uganda hit $88.2 million in 2022, while Ugandan exports to Egypt reached $18.5 million in the same year.

Egypt's exports to Uganda have increased at an annualized rate of 2.61 percent, up from $77.6 million in 2017, while Uganda's exports to Egypt have increased at an annualized rate of 81.8 percent, from $929,000 in 2017.

Egypt's support to Uganda
 

Both ministers also stressed the need to continue combating terrorism by adopting a comprehensive strategy that tackles the security, developmental, and intellectual aspects of terrorism. 

In this regard, Abdelatty stressed Egypt's unwavering solidarity with Uganda in combating terrorism and eradicating organized crime that threatens the African societies’ safety and security.

They also highlighted the support of Al-Azhar, the highest institution of Sunni Islam, in training imams in Uganda.

For his part, the Ugandan FM expressed gratitude to Egypt for its tireless efforts in providing his country with the necessary support.

He also appreciated the opportunities Egypt provides and the scholarships it offers to Ugandan students.

Water security
 

Abdelatty and Okello also addressed water security, highlighting Egypt's unwavering support to development efforts in the Nile Basin countries, including water projects in Uganda, such as the "Owen" dam.

They underscored the necessity of governing transboundary cooperation in the Nile River under international law, obligations, and practices, particularly the principles of prior notification, consultation, consensus, and non-harm.

In this regard, the Egyptian FM highlighted that international law must be respected and that Nile Basin countries should not be harmed.

Meanwhile, the Ugandan FM stressed that his country will not allow flow disruption of the Nile River water to neighbouring countries under any circumstances.

As the Nile River provides approximately 97 percent of Egypt's water needs, the country has access to only 59.6 billion cubic metres annually out of the required 114 billion, resulting in a substantial water deficit.

Egypt has repeatedly affirmed that it will not relinquish any of its water rights, stressing that preserving the Nile River is an existential matter to Egypt.

African peace
 

According to the Egyptian foreign ministry, both sides held the second round of political consultations to address regional issues of mutual interest.

During the consultations, both sides discussed the situation in the Great Lakes region, the Chad Basin, the Sahel region, and the Horn of Africa and joint efforts to reform and develop the African Union.

They also explored joint work between African countries and the Global South to address the severe challenges related to peace, security, and sustainable development in the region.

For his part, the Egyptian FM affirmed Cairo's keenness to participate in the United Nations mission in Somalia to help safeguard its sovereignty, unity, and territorial integrity.

He also stressed Egypt's steadfast support for Sudan's unity and stability. "We emphasize the need to achieve a ceasefire in Sudan," Abdelatty said during the presser.

For over 30 years, Egypt and Uganda have shared interests, collaborated, and coordinated in political and economic relations and regional matters.

The two countries concluded a round of political consultations at the ministerial level by signing a joint declaration aimed at enhancing bilateral relations and addressing regional and international developments.

The agreement was signed by both Foreign ministers.

The declaration underscores a shared commitment to advancing mutual and African interests through regular consultations and high-level exchanges between the two countries.

Both sides emphasized the importance of strengthening cooperation in various fields, including peacebuilding, counterterrorism, technical cooperation in water resource management, and capacity building.

They also agreed to encourage private sector engagement to boost trade and bilateral investments.

The two nations reaffirmed their adherence to the principles of sovereignty, territorial integrity, and independence, in alignment with the African Union's Constitutive Act and the United Nations Charter.

Regarding the Nile River, the declaration highlighted the importance of regular consultations to reach agreements that ensure mutual benefit and foster cooperation within the Nile Basin, in accordance with international law and best practices.

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