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President Museveni Calls On Investors To Take Advantage Of Uganda’s Economic Potential

President Museveni Urges Global Investors to Seize Uganda’s Economic Opportunities

posted onOctober 12, 2024
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President Yoweri Kaguta Museveni has called on international investors to capitalize on Uganda’s vast economic potential, highlighting the country’s rich resources and strategic position as a gateway to East Africa. Speaking at a meeting held at State Lodge in Nakasero, Museveni welcomed a group of investors attending the Pan-African Congress Business Forum, urging them to invest in Uganda’s key sectors to boost exports.

“This is the right place and time to invest,” Museveni said, addressing the group, which included delegates from the American diaspora. "We have everything here."

The Pan-African Congress Business Forum, taking place from October 6 to 12 at Speke Resort in Munyonyo, is aimed at positioning Uganda as a hub for technology, innovation, and trade within Africa. The forum also explores ways to strengthen Uganda's compliance with international standards, particularly for U.S. trade, and emphasizes the influence of the African diaspora in promoting investment.

The investors expressed interest in various sectors, including manufacturing, tourism, agriculture, and technology. One of the key proposals discussed was the establishment of a computer assembly plant in Uganda, positioning the country as a regional leader in technological manufacturing.

Uganda’s Economic Opportunities

Museveni emphasized Uganda's untapped economic potential, stating that Africa has historically suffered from foreign exploitation due to a lack of unity. “Our ego-centric chiefs and kings, out of selfishness, could not unite us to fight these people,” he reflected on Africa’s colonization and the transatlantic slave trade.

Despite Africa’s challenges, Museveni remains optimistic about the continent’s future, linking prosperity to increased production and market access. “If Africans want prosperity, it comes from producing goods or services and selling them,” he noted, stressing the need for economic cooperation within Africa to counter market fragmentation.

The President also warned of the dangers of economic dependence, pointing out that countries rich in natural resources, like those in Latin America, still rely heavily on external powers. “Despite their wealth in natural resources, they still run to the USA for medical care, education, and other benefits,” Museveni said, underscoring the importance of African self-sufficiency.

Richard Blackwell, a Chicago-based entrepreneur and one of the visiting investors, commended President Museveni’s passion for Africa and stressed the importance of economic inclusion for black communities globally. "When people live in dignity, the whole world can be better," Blackwell said, advocating for dignity and opportunity for black people worldwide.

Blackwell also outlined parallels between the economic development of India and the potential for similar growth in Africa. He stressed the importance of data-driven industries to fuel economic growth, particularly through analytics, which could help Africa capture more value in global supply chains.

Uganda’s Economic Opportunities

The meeting was also attended by the Minister of Finance, Planning, and Economic Development, Hon. Matia Kasaija. Uganda's focus on leveraging its resources and strategic location continues to attract global investors looking to tap into East Africa’s growing market.

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