President Museveni has pledged to support Somalia in its bid to join the East African Community (EAC) and exploit trade opportunities that exist in the region.
According to Museveni, Somalia meets all requirements to become a member of the EAC, including having a border with a member nation, a private sector-driven economy, and democratic government.
He was speaking yesterday in Kampala at the conclusion of a two-day first-ever Uganda-Somalia business and investment forum.
The purpose of the summit, which was attended by the president of Somalia, Hassan Sheik Mohamud, as well as other dignitaries, was to give the private sector, the business community, and the government a forum to discuss methods to lower the cost of doing business between the two nations.
Meanwhile, a Memorandum of Understanding on Trade and Investment has been signed by the governments of Uganda and Somalia.
The MoU was inked at the first-ever Munyonyo Commonwealth Resort Investment and Business Summit between Somalia and Uganda.
Morison Rwakakamba, the chairman of the Uganda Investment Authority (UIA), and Asad Yusuf, his Somali counterpart, both signed it.
The purpose of the MoU is to define the type and extent of cooperation between the two nations and to advance and expand cooperation in areas that both parties agree are priorities.