Kampala, Uganda | THE BLACK EXAMINER | President Yoweri Kaguta Museveni has extended a warm invitation to foreign entrepreneurs, encouraging them to invest in Uganda. He highlighted the abundant investment opportunities in the country and emphasized the presence of a readily accessible market.
“In Uganda, when you produce a good or service, you have the assurance of finding a market for it,” the President stated during his speech at the Uganda-United Arab Emirates (UAE) Investment and Business Forum held at Speke Resort Munyonyo in Kampala on Wednesday.
Museveni underlined the vast market available in Uganda, comprising 46 million Ugandans, 300 million East Africans, and, under the Continental Free Trade Area (CFTA), access to 1.5 billion Africans. He emphasized that Africa’s population is rapidly increasing and that by 2050, the continent is expected to become the most populous on Earth, presenting significant business opportunities.
The President also mentioned Uganda’s trade agreement with the United States under the African Growth and Opportunity Act (AGOA), providing access to the American market for Ugandan products.
President Museveni assured potential investors that Uganda has already established the necessary infrastructure for conducting business, including roads, electricity, and water supply.
He emphasized the potential of Uganda’s natural resources, highlighting the nation’s ability to provide raw materials for various industries, such as agro-processing, forest products, and manufacturing.
Museveni pointed out that Uganda is gearing up to produce lithium car batteries for electric vehicles and emphasized the country’s involvement in knowledge-based industries, including the production of automobiles and vaccines.
The President emphasized the vital role of the private sector in economic development, underlining the importance of working with businesses from around the world to foster shared prosperity.
The leader of the UAE delegation, Mr. Rashid Karim, expressed a desire to foster sustainable economic growth through knowledge and innovation, seeking collaboration with countries like Uganda to unlock opportunities for both nations.
The Uganda-UAE annual business forum, a four-day event, attracted business representatives from Abu Dhabi and the UAE, with the participation of 23 UAE-based companies. Uganda and the UAE have signed several Memoranda of Understanding to strengthen economic cooperation.
Minister of State for Investment and Privatization, Evelyn Anite, praised President Museveni’s visionary leadership and the significant economic progress achieved during his tenure. She highlighted the substantial growth in Uganda’s economy and trade relations with the UAE, with exports to the UAE increasing by 37.8% and Foreign Direct Investment reaching USD 3 billion.
Uganda’s Ambassador to the UAE, Kibedi Zaake, credited President Museveni’s engagements with UAE investors for the remarkable increase in Foreign Direct Investment, which has grown from USD 1 billion to USD 3 billion.
The event was attended by various dignitaries, including Uganda’s consular general in Dubai, representatives from local agencies, and officials from the Uganda embassy in Abu Dhabi.
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