Kampala, Jul 25 (IANS): Indian Prime Minister Narendra Modi on Wednesday said that his country is willing to address the current trade imbalance with Uganda.

"If I compare India-Uganda trade ties, I can see that we are in a win-win situation," Modi said while addressing the Uganda-India Business Forum here.

"But we are falling short and to correct that we need to strategise," he said.

Stating that Ugandan President is right in saying that there is trade imbalance between India and Uganda, the Prime Minister said: "India is willing to take steps to address the trade deficit between India and Uganda."

He exhorted the business community to fully exploit the favourable conditions for doing business between India and Uganda.

"India is ready to work with Uganda in the fields of capacity building, human resource development, skill development, innovation and also in adding value to the abundant natural resources available in this country," Modi stated.

He also stressed on innovation saying that without this the world cannot go ahead.

"Uganda can go ahead if the youth of Uganda and India work together," he said, adding that the East African country can play an important role in the overall development of Africa.

On his part, Museveni, while exhorting the business community from both countries to tap the opportunities available for enhancing trade and investment, said: "You are in the right place in the right time."

Modi arrived here on Tuesday from Rwanda on the second leg of his five-day, three-nation tour of Africa that will also take him to South Africa.

This is the first Prime Ministerial visit from India to Uganda in over 20 years.

For Modi, this is his second visit to this East African nation after his visit in 2007 as Gujarat Chief Minister.