President Yoweri Museveni has called on the United Arab Emirates (UAE) business community to invest in Uganda and take advantage of the country’s many untapped opportunities.
While addressing the UAE-Uganda Presidential Investment Initiative Summit in Abu Dhabi, the UAE capital, President Museveni told participants that although Uganda’s economy is growing at 6% per annum; the economy has great potential for faster growth.
Describing Uganda and the African continent as a gold mine with many untapped business and investment opportunities, the President encouraged United Arab Emirates investors to take advantage of them.
“Uganda and Africa in general is like a gold mine and we are at the entrance of the mine. You business people need to take advantage of these opportunities,” he said.
General Museveni briefed investors on Uganda’s economic history, noting that despite the basic collapse of the economy inherited by the National Resistance Movement government, the NRM has successfully led the country’s economy through economic recovery, expansion, economic Diversify and transform quantitatively and qualitatively.
He added that expansion saw existing economic sectors increase their production volumes, diversification saw the emergence of new sectors, while transformation was characterized by the addition of value to national products and the production of knowledge products and innovations through science and technology.
President Museveni further stated at the business forum that it would be wise for anyone with a business mind to invest in Uganda, because Uganda has a large market of 43 million people, and the East African market of 300 million people is tax-free and quota-free. There are African markets that have been united by signing the Continental Free Trade Area agreement.
He further stated that Uganda has a young skilled workforce who will provide the required workforce at affordable remuneration.
In particular, he said they could target investments in import-substitution industries that have a ready market in the country and avoid exporting wealth and jobs outside the country.
He reiterated his administration’s commitment to root out corrupt and lazy government officials who tend to delay business permits and bribe potential investors.
President Museveni added that the government is committed and expected to further simplify the way of doing business in the country by building standard gauge railways, improving the road network and water transport to reduce transport costs.
He further said that the government is trying to reduce the cost of energy tariffs for industry by securing as much energy as possible and reducing borrowing costs.
Ambassador Zaake Kibedi, Uganda’s Special Envoy to the United Arab Emirates, commended the President for launching the UAE-Ugandan Presidential Initiative Roundtable Forum, noting that remittances from Ugandans working in the UAE have jumped from US$50 million in 2018 to US$1.5 billion since its invention and today Foreign direct investment rose from $600 million to $1.5 billion.
The Investment Roundtable was attended by His Excellency the Minister of Finance, Planning and Economic Development. Energy Minister Matia Kasaija Ruth Nankabirwa, Agriculture Minister, Hon. Frank Tumwebaze, Minister for Foreign Affairs, His Excellency. Okello Oryem and Investment Minister, Hon. Evelyn Annette.
During the investment forum, President Museveni met with a number of investors interested in investing in Uganda in the fields of energy, agro-processing, tourism and hotels, real estate, aviation, banking, mining, health and education.
He welcomed all to invest in Uganda and reiterated the government’s commitment to provide the necessary incentives and create an enabling environment for them to successfully develop and profit from their investments.
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