President Yoweri Kaguta Museveni has hosted the former President of South Africa, H.E. Jacob Zuma, to discuss expanding business and investment partnerships between Uganda and South Africa.
The high-level meeting took place on Wednesday at State Lodge Nakasero. Government officials and international investors joined the two leaders to explore joint ventures in strategic sectors of Uganda’s economy. The deliberations focused heavily on energy generation, power transmission, commercial irrigation, and mineral value addition. President Museveni welcomed the proposals from the South African delegation, describing them as progressive steps toward national industrialization.
The President emphasized that affordable electricity remains the absolute foundation for sustainable economic transformation. He explained that the government will continue to strictly regulate power costs to protect local manufacturing industries. Museveni noted that the state either finances these power projects independently or partners with private developers who possess low-cost capital.
“Energy is the bone marrow of the economy, and here either the government does it or partners with private investors with soft capital, and we ensure that the cost of power is cheap to support manufacturing,” President Museveni said.
Beyond energy, the President highlighted railway transport and accessible credit as the remaining pillars needed to secure the productive sectors. He warned that failing to lower operational costs in agriculture and manufacturing would lead to economic stagnation. The administration intends to utilize these enablers to aggressively eliminate the export of raw materials from Uganda.
“We are very strict with the price of electricity, transport by rail, and the cost of money," President Museveni added. "We want to fund manufacturing and agriculture. These are a must; without them, the economy will collapse.”
H.E. Jacob Zuma thanked his host for the warm hospitality and pledged his commitment to advancing the cross-border investment framework. The Permanent Secretary of the Ministry of Energy and Mineral Development, Eng. Irene Batebe, attended the session to help guide the incoming technical assessments. She will spearhead follow-up engagements with the South African team to finalize specific cooperation agreements in the power sector.