The two leaders agreed that the visit of President Museveni to Algeria offers new cooperative opportunities in areas such as education, vocational training, defense and security and in the oil and gas sector.
Speaking shortly after their meeting President Yoweri Museveni while addressing the press referred to President Abdelaziz Bouteflika as his old friend and freedom fighter and that the two leaders had discussed the security situation in North Africa particularly on how to bring about lasting peace in Libya.
Mr. Museveni further said that he, together with his host, had discussed ways of enhancing trade between the two countries which he said was the most important factor for economic prosperity of both countries.
He further said that they also discussed on how to enhancing cooperation in the areas energy especially in the oil and gas sector and in human resource development through exchange of scholarships and training programs.
Currently trade between Uganda and Algeria is minimal and this can be attributed to the limited infrastructure connectivity between the two countries.
Uganda’s exports to Algeria are low with the major products being cocoa, coffee and tea. Uganda’s imports from Algeria are less than USD$ 1m per annum.
In 2011 and 2013 the imports rose to approximately USD$ 2m as a result of sugar imports during the time when Uganda requested for stay of EAC CET application on sugar imports.
The major industries of Algeria are agriculture, cement, clothing, fertilizers, food processing, iron and steel, mining, machinery, oil and natural gas production and refining, petrochemicals, textiles, transport equipment and wine production. Main exports are crude oil, dates, fruit and vegetables, natural gas, petroleum products and wine.
In 2010, Algeria was named the fourth largest crude oil producer in Africa and the eighth largest global producer of natural gas.