Museveni tips investors on making Uganda first world economy

The President was addressing over 750 investors and business elite from 139 cities, representing 22 countries and from 29 businesses and services sectors from the influential global Lohana Indian community, during the Lohana International Business Forum dubbed “Africa Calling”.

He said that the raw material is available in seven key sectors for investment.

The seven clusters for value addition are namely:

Agro-processing (fruits, oil seeds, agricultural products)
Minerals (iron ore, steel, copper, phosphates, cobalt, gold, Nicol, lithium, and niobium)
Freshwater resources to facilitate fish farming
Forest products (furniture, ceiling boards, paper industry)
Automobile industry
Services sector
Pathogenic economy

Museveni highlights milestones and way forward

Courtesy Pulse

He noted that steel production has been performing well and has registered a rise in investment to wean Uganda off China, Ukraine, and India steel.

On the pathogenic front, he said that Uganda has demonstrated medical business acumen, especially during the fight against Covid-19 when local scientists developed Covidex. He lauded the move saying it saved many live in the country.

Opening up about the automobile sector, he appraised local engineers saying Uganda will soon ceases importation from Japan and other automobile giants. He said that Uganda will not compromise when it comes to assembling, saying that he stands firm on manufacturing and fabricating.

President Museveni also mentioned coffee, one of Uganda's export giants, saying that the country is losing a lot of money by focusing on producing the beans instead of manufacturing coffee products and packaging the beans. Not only are Ugandans getting 163% less than they could if they manufactured, but they are also leaving an employment void behind.

Courtesy Pulse

He said the same applies to textile which is divided into about seven levels including; spinning, weaving, printing colours, and tailoring, among others. Recently, he flagged off 50,000 uniforms manufactured in Uganda to be taken to the Republic of Equatorial Guinea.

From his recent visit to Algeria, he brought back information that they appreciate Uganda's milk better than milk from Ukraine and Russia. Combined with the population of the East Africa Community, he said, Uganda has a ready market to supply.

According to the Minister for Finance and Economic Development-in-charge of investment, Evelyn Anite, Uganda now has more than 1,900 factories owned by Indians and 900 by the Chinese.

She said they have interested the Lohana Business Community in investing in virgin ventures like edible oil and pharmaceuticals.

Courtesy Pulse

He welcomed the Lohana businessmen including luminaries like Ruparelia Group, Madhvani, Mehta, and House of Dawda, to Uganda, saying the Asian people played a positive role in boosting Uganda’s trade.

“This economy can quickly become a first-world economy. It is now entering the middle-income level, but it can easily go faster, why? Because the raw material base is already big,” President Museveni said.