TOP

Museveni begins 3-day visit to South Korea

By Vision Reporter

Added 30th May 2013 01:42 AM

President Yoweri Museveni has started a 3-day working visit to South Korea by touring a research Agricultural Institute and the headquarters of Samsung, a leading electronics giant.

2013 5largeimg229 may 2013 224254883 703x422

President Yoweri Museveni has started a 3-day working visit to South Korea by touring a research Agricultural Institute and the headquarters of Samsung, a leading electronics giant.

By Vision Reporter

President Yoweri Museveni has started a 3-day working visit to South Korea by touring a research Agricultural Institute and the headquarters of Samsung, a leading electronics giant.

Museveni, who is accompanied by a number of Cabinet Ministers, also attended a dinner hosted in his honour by South Korean businessmen.

Speaking at the dinner at the Lotte Hotel,Museveni urged the business community in South Korea to invest in Uganda.

He told the gathering that inspite of some bottlenecks prevailing in the country, Uganda is very profitable and that these bottle necks are being addressed by the government,

The President said that the economy has been growing at the rate of 5.3% annually and it is likely to grow to double digits now that the problem of reliable power has been tackled by the government.

Inspite of this power problem that has led the economy to grow through some sectors like construction and transport, investors in other sectors reap profits of between 25% and 30%, he said.

“I am assuring you that with the improvement in reliable power supply, the investors will be able to earn between 40 and 50 percent of their investments as profit. In addition, investors are free to repatriate their profits, invest in Uganda and give us jobs”, he stressed.

Museveni pointed out that the tourism sector is very attractive because of the unique climate of Uganda which is on the equator but with constant ice on its mountains. He explained that there are only three countries in the world that have a similar climate.

In Uganda,Mr. Museveni explained, we do not need air conditioning systems because of our unique climate.

The President explained that although Uganda has a population of 35 million people, it is also a member of the East African Community which comprises of five member countries with a total population of 139 million people.

He said that Uganda is also a member of SADC and PTA economic blocs whose total population is bigger. He added that that there is also the African market.

“We also have the European, American, Chinese, Indian and Japanese markets that African countries access tax free and quota free”, the President said.

Museveni thanked the South Korean business community for organizing the dinner and urged them to visit Uganda to see its potential.

Museveni also visited an agricultural institute known as the Korea Project on International Agriculture. The Institute, according to its latest documentations, has its objectives inclusive of cooperative projects, workshops and training with scientists from partner states. Selection of projects is undertaken by the partner state depending on a partner’s local needs.

President Museveni told the Director, Mr. Kwon Taek Ryoum that Uganda has a similar research institution through NARO. He explained that a lot of research has been undertaken by Ugandan scholars.

Among the discoveries, Museveni said that Ugandans have discovered more coffee yielding varieties, cassava resistant crops, and banana and coffee resistant varieties to weed and much scientific achievement.

He welcomed the idea of the institution working with Ugandan scientists. It was disclosed during the meeting that  a team from the Korean Institute will visit Uganda next month to find ways of cooperation.

The Samsung President, Don-Joo Lee, told Museveni the history of the company, its major challenges and achievements.

Museveni toured its departments and urged the managers and staff to work with Ugandan institutions that are making advances and important scientific discoveries like Makerere University.

 

Museveni begins 3-day visit to South Korea

More From The Author

Related articles