Uganda's president seeks to boost trade with African neighbors
Uganda wants to curb its borrowing and boost exports in the food and agriculture sectors as the East African country lifts restrictions triggered by the coronavirus pandemic.
President Yoweri Museveni said he wanted to expand the country's meat, leather and dairy trade and add value to other agricultural exports such coffee, which has long been one of Uganda's main foreign exchange earners.
"Uganda can do much better without borrowing in my opinion. Especially borrowing for ... budget support, balance of payments support," Museveni said, speaking to Reuters.
Museveni wants to expand regional trade, but many barriers remain despite there being a free trade agreement in the region.
Odrek Rwabwogo, Museveni's son-in-law, a businessman and senior presidential adviser, said Uganda is looking for foreign markets to export the excess milk it produces.
Uganda used to sell lots of milk to neighbour Kenya, but Kenya restricted sales in 2019 and Uganda's milk exports are now 50% of what they used to be before the curbs.
Uganda has also recently begun exporting meat to Democratic Republic of Congo and China, Rwabwogo said.