The Algerian - Uganda Business Council has been unveiled with an intention of popularising business opportunities between the two African countries.

The launch was held at the Uganda National Chamber of Commerce and Industry (UNCCI) offices in Kamwokya on Thursday.

UNCCI was hosting the Algerians from different sectors, on a mission to establish joint ventures and invest in Uganda’s industrial parks.

“The trade volume between Uganda and Algeria is low – standing at $40m. We need to boost it and ensure that we position ourselves to fully benefit from the African Continental Free Trade Area (AfCFTA),” said Oualid Cherif, the Algerian Ambassador to Uganda.

He urged the investors to fix their eyes on agri-business, adding that since the Ugandan economy is predominantly based on agriculture, the sector will bring quick returns to investors.

“According to the World Bank, eight out of every 10 export products are agribusiness-related. Agro processing in Algeria is booming, and should be a priority for the Ugandan Government, since it’s the leading industry that presents countless opportunities along the value chain,” he said.

Cherif said that partnerships and joint ventures have been proposed in several sectors including agro processing, detergent and disinfectant manufacturing, agri-business industry, refrigeration material and equipment for hotels and restaurants, cosmetics and lighting products.

Paul Okitoi, the commissioner for policy and planning in the energy ministry called upon the 15-man team to invest in precious metals for quick return on their investment.

“We have gigantic gold deposits lying in the ground in eastern, southern and north eastern Uganda. We also have a lot of Platinum and Chromite in Nakiloro in Karamoja, that you can exploit and use in your industries back home,” he said.

The delegation, with interests in agri-business and the extractive sector, is on a four-day visit to Uganda that ends on Sunday.