Uganda's deputy prime minister, Moses Ali, heading a delegation of private and public sector directors, arrived in Tehran to discuss mutual trade co-operation and foreign investments in the African state with ICCIM's vice-president for International Affairs, Dr Entezari.
Uganda has kept a constant annual growth rate of 8 percent during the past few years. The Ugandan economy's share of agriculture is over 50 percent, while the service sector 41 percent, and that of the industrial sector only 9 per cent.

Cotton and coffee constitute the major export items of the African State, in return for imports of oil, luxury cars, industrial machinery, sugar, clothing, construction materials and foodstuffs. Iran's exports to Uganda include textiles, construction materials, petrochemical products, detergents, plastic materials, carpets, handicrafts and home appliances. According to Dr Entezari, the mutual trade between Iran and Uganda bumped up to 394.401 thousand dollars in 1997.
On a visit to the African State by the former Iranian president, Akbar Hashemi Rafsanjani, eight co-operative protocols on political, economic, commercial, environmental, telecommunications, animal husbandry, and fisheries, were signed, while embassies were scheduled to be opened in the respective countries.

Dr Entezari reported that under a deal struck in 1980, Iran's Saderat Bank pledged to extend 10 million dollars in loans to Uganda's Gold Trust Bank. The deal was finalized in 1996. Its payment however was delayed, as the Clause 5 of a mutually signed letter of understanding allowed Iran to withhold the credit until after a credible European bank or the Islamic Development Bank (IDB), provided assurances over the Ugandan bank's ability to return the credit. Ugandan officials, it seems, have unresolved concerns over this matter.

Noting the friendly relations between Iran and Uganda, Mr. Ali said that he found the meetings with the Iranian leaders on trade, commerce and agriculture, productive. "The result of our meetings was the signing of a number of letters of understanding," he said.
While the Islamic Development Bank (IDB) has crafted an insurance premium policy for investments, proving effective for the expansion of commercial transactions, the Ugandan official voiced the continued need for the IDB to help Uganda expand its trade relations with other countries. He also pointed out that Uganda is a commercial and agricultural hub among its neighbours, suitable for foreign investment, and urged the commencement of joint ventures with Iranian firms for the production of coffee, tea, fish farming, dam construction, and road-making.