Museveni urges European private sector to invest in Uganda's growth

His remarks were directed at an Italian delegation led by Ambassador Stefano Gatti, the Director General of the Italian Agency for Development Cooperation. Museveni stressed, “What we need from Europe is capital, not from the government but from the private sector which needs money in the form of profits. It’s a win-win formula.”

The President commended the swift action by Italy's Prime Minister, Giorgia Meloni, in response to his suggestion for a delegation visit to explore investment opportunities in Uganda.

Museveni highlighted Uganda's abundance of natural resources, a ready labor force, and numerous investment opportunities, stating, “With these, we can progress faster if our cultural relatives; the Europeans join us.”

A specific request from President Museveni to the investors was to consider establishing value-addition factories for Uganda's coffee, which has a current production of 9 million bags.

He emphasized the potential for increased production through irrigation and noted, “We are moving although slower because of resources but once you come in, we shall move faster.”

The encouragement extended to investment in the production of veterinary drugs, vaccines, pharmaceuticals, and collaboration in managing climate change impacts through the Italian government's climate fund project. President Museveni underlined the importance of global wealth for mutual prosperity and called for political actors in Europe to embrace equitable economic partnerships.

Prime Minister Robinah Nabbanja shared insights into potential investors' willingness to contribute to Uganda's development.

She recounted her representation at the Italy-Africa Summit in Rome, where a new development plan for Africa was unveiled by Prime Minister Meloni, focusing on education, agriculture, health, water, and energy.

Ambassador Stefano Gatti conveyed to President Museveni that Uganda is now a priority for Italy's development cooperation, especially in responding to the coffee sector's needs. Gatti highlighted Italy's readiness to address climate change effects and its interest in collaborating with Uganda on technology transfer in livestock and agro-food businesses, as well as in the health sector.

The meeting saw the participation of several Ugandan ministers, showcasing the broad spectrum of potential areas for Italian investment and cooperation. President Museveni's dialogue with the Italian delegation underscores a strategic approach to enhancing Uganda's economic development through international partnerships.You