President Yoweri Museveni has tried convincing UAE investors to set up business across different sectors of the economy citing that Uganda is a favorable and profitable investment destination with many untapped opportunities.
“Uganda and Africa in general are like a gold mine and we are just at the entrance of the mine. You the business people need to take advantage of these opportunities” he said.
The president was addressing the UAE-Uganda presidential initiative on investment summit in the UAE capital Abu Dhabi.
Museveni told the participants that although Uganda’s economy is growing at 6% per annum; the economy has great potential to grow faster with several opportunities that he encouraged the United Arab Emirates investors to take advantage of.
The president who briefed the investors about the economic history of Uganda noted that although his government inherited a largely collapsed economy when it got into power, they have managed to take the country’s economy through the phases of economic recovery, expanded, diversified and transformed the economy both quantitatively and qualitatively.
He added that the expansion saw the already existing economic sectors of the economy increase their volumes of production; diversification saw the emergency of new sectors while transformation was characterized by value addition to the country’s produce and the production of the products of knowledge through science, technology and innovation.
Museveni further told the business forum that it was wise for any business minded person to invest in Uganda because of its large market of 43 million people, the East African market of 300 million people that is tax free and quota free and also take advantage of the African market that has been united through the signing of the Continental Free Trade Area agreement.
According to him, Uganda is blessed with a young skilled labor force that will provide the required labor and at affordable remuneration.
He particularly said that they can target to invest in import substitution industries that have a ready market in the country and save the country from exporting both wealth and jobs to the outside world.
Museveni added that government is committed and is on track to further ease the way of doing business in the country by lowering the cost of transport through the construction of standard gauge railway, bettering the road network and the water transport.
The president assured the potential investors that government is working on lowering the cost of electricity by getting as many sources of energy as possible but also lower the cost of borrowing.
Uganda’s diplomat to the United Arab Emirates, Ambassador Zaake Kibedi hailed the president for initiating the UAE-Uganda presidential initiative round table forum noting since its invention, the remittances of Ugandans working in the UAE has jumped from 50 million US dollar in 2018 to 1.5 billion US dollars currently while foreign direct investment rose from 600 million US dollars to 1.5 billion US dollars.
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