President Yoweri Kaguta Museveni has called on investors to seize the abundant opportunities in Uganda to bolster the country’s exports and economic growth.
“This is the right place and time to invest. We have everything here,” Museveni declared during a meeting with delegates from the American diaspora and participants in the Pan-African Congress Business Forum. The event, taking place at Speke Resort Munyonyo, Kampala, from October 6 to 12, 2024, focuses on strengthening trade and investment in Uganda and positioning the country as a gateway to the East African Community.
The President highlighted Uganda’s potential as a hub for technology and innovation in Africa. The forum also addresses Uganda’s progress in improving compliance with US standards and explores the influential role of the African diaspora in advancing trade relations.
Odrek Rwabwogo, Chairperson of the Presidential Advisory Committee on Exports and Industrial Development (PACEID), led the delegation of investors, who expressed interest in various sectors, including manufacturing, tourism, agriculture, and technology. The group also discussed plans to establish a computer assembly plant in Uganda, positioning the country as a regional leader in technological manufacturing.
President Museveni underscored Uganda’s wealth in natural resources, making it ripe for investment. He provided a historical perspective, recounting Africa’s exploitation over the past 600 years, including colonization, the transatlantic slave trade, and the continent’s inability to unite under strong leadership. “Our ego-centric chiefs and kings, out of selfishness, could not unite us to fight these people,” Museveni said, reflecting on Africa’s past struggles.
He further delved into the historical motivations behind European exploration of Africa, beginning with the Ottoman Empire’s capture of Constantinople in 1453. This event disrupted European access to the Silk Road, pushing explorers like Christopher Columbus and Vasco da Gama to search for new trade routes around Africa. Museveni lamented that these explorations, while initially positive for Europe, led to the exploitation of Africa through slavery and colonization.
The President also highlighted the importance of production and market access for Africa’s future prosperity, stating, “If Africans want prosperity, it comes from producing goods or services and selling them.”
He warned that Africa’s fragmented markets hinder economic growth and emphasized the need for unity, noting that Uganda’s internal market of 46 million people is not sufficient for sustainable development.
In contrast, he warned of Latin America’s over-reliance on the United States despite its wealth of natural resources. “They still run to the USA for medical care, education, and other benefits,” he said, urging African nations to collaborate economically for future prosperity.
Chicago-based entrepreneur Richard Blackwell, representing the investors, also spoke about the potential for Africa’s economic growth. He praised President Museveni’s dedication to the continent, stating, “When people live in dignity, the whole world can be better.”
