Museveni woos Asian investors

Jul 10, 2005

PRESIDENT Yoweri Museveni has asked Asian investors to take advantage of the Uganda’s economic growth and liberalization policy to invest here.

By David Muwanga

PRESIDENT Yoweri Museveni has asked Asian investors to take advantage of the Uganda’s economic growth and liberalization policy to invest here.

“Uganda is one of the most liberal countries for foreign investment in Africa and is already the preferred home of several leading global corporations and international organisations,” Museveni said in a speech read by Premier Apolo Nsibambi.

This was during the opening of Asia-Africa Investment and Technology Promotion Centre seminar at Hotel Africana recently.

Museveni said there were no restrictions to the 100% foreign investors’ ownership as well as remittance of dividends.

“Uganda’s shilling is fully convertible and has remained stable for some time now while the foreign exchange market is wholly liberalised following a move to liberalise capital account transactions in 1997,” he said
Museveni said since 1990 the rate of return on investments in Africa hadaveraged 29%.

He said this was the highest in any region.

“Africa’s yearly rates of return have ranged from 24.2% to 35.3% during the 1990's compared to 16.2% to 27.6% for Asia and 12.1% to 15.3% for Latin America,” he said.

Museveni said Africa has made political mistakes including failure to unite the continent.

“The economic ones include failure to process their goods before exporting. However, we are addressing these problems,” Museveni said.

(adsbygoogle = window.adsbygoogle || []).push({});