Trade, Investment Are the Bedrock for Development- President Museveni
President Yoweri Kaguta Museveni urged investors and a visiting delegation to increase their investments in Uganda, highlighting the country’s security, peace, and favorable conditions for trade during the second day of the East Africa Trade and Investment Forum in a speech conveyed by Vice President Rtd. Major Jessica Alupo at the Kampala Serena Hotel.
The Vice President Rtd Major Jessica Alupo delivering President Museveni’s speech at the East Africa Trade and Investment Forum
President Yoweri Kaguta Museveni has called upon investors and a visiting delegation to invest more in Uganda since the country is secure, peaceful, and favorable for trade and investment, which are the foundation for development.
The remarks were made in a speech delivered by Vice President Rtd. Major Jessica Alupo during the second day of the East Africa Trade and Investment Forum held at the Kampala Serena Hotel on Tuesday, January 16, 2024.
President Museveni said that the forum demonstrates Uganda’s commitment to private sector development, with its focus being on the promotion of the country’s abundant investment purpose, adding that it strengthens relations and partnerships with the business community and foreign investors.
“The business community and the investors of the East African member states should seek this opportunity to collaborate with other foreign investors in order to optimize value addition, expand partnerships that enhance technology, skills transfer, financing, promote standards, and give funders access to develop markets,” he stated.
He noted that Uganda’s aim is to provide a one-stop center for investors across all government services.
The President said that the forum is focused on the future of East African regional trade and investment relations, the Non-Aligned Movement (NAM), and G77+China member states. He added that trade and investment are the bedrock of economic relations between economies, thus laying a strong foundation for mutual prosperity.
“It is this tool of economic relations that enables countries to create wealth and thus drive development. Adam Smith, an economist, emphasized the importance of specialization and exchange,” President Museveni said.
He said that trade creates inter-dependency and mutual understanding, thus urging members to work harder to harness trade and investment among Africans and close allies.
Vice President Rtd Major Jessica Alupo addressing investors.
According to President Museveni, the African continent is filled with natural resources that offer potential for prosperity.
On technology and innovation, the President said that these should be used to produce high-quality goods that are currently being imported from Western countries and the far east, adding that it will also increase Africa’s trade from 14.4% of the total African exports to at least 50% so as to transform the lives of the populace.
“Ladies and gentlemen, with the support of our comrades in the NAM, this transformation is within our reach,” he said.
He asked potential investors to invest in Uganda, arguing that the country’s USD 50 billion economy enjoys market linkages within the USD 305 million East African Community (EAC) economy, which is the fastest-growing economy on the African continent.
Investors attending the Trade and Investment Forum at Kampala Serena Hotel on January 16, 2024.
President Museveni added that Uganda has maintained relatively robust and stable economic growth over the years, with an average of 6.2% in the last 37 years.
“Uganda’s Gross Domestic Product (GDP) per capita now stands at USD 1100. That’s fast rising, and that’s fast promising a sustainable market for local production and fast-moving consumer goods and services, making the country highly rewarding for foreign investment,” he added.
The East African Trade and Investment Forum in Kampala, which is part of the ongoing 19th Non-Aligned Movement Summit 2024 (NAM 2024) in Kampala, is a three-day business forum showcasing investment opportunities in Uganda to delegates, including amazing exhibitions of Ugandan products.
