Museveni woos German investors, urges on skills transfer

Jun 02, 2016

"I am here to show you that Uganda is the right place to go as far as investments are concerned," said Museveni.

PIC: Museveni explained Uganda's investment policy to the German investors. (PPU)

BERLIN - President Yoweri Museveni, now in the German capital Berlin, has urged German investors to come and participate in the growth of Uganda's expanding economy.

He said this is the right time and Uganda the right place because of the big East African market and vast profitability opportunities now available.

Museveni was delivering a keynote address to the German-African Business Day Forum 2016 taking place at the Ellington Hotel in Berlin Thursday.

"Business is not charity. It is about profitability through providing quality goods and services to the consumers.  I am, therefore, here to show you that Uganda is the right place to go as far as investments are concerned and that, it is the right time to go," he said.

Museveni said that Uganda is an impressive investment destination with a population of 38 million people and is projected to grow to 120 million by 2050. He urged them to regard Uganda and Africa in general as an investment destination for today and the future because of the growing purchasing power and the growing market.

"The two crucial elements in business are the producers and the consumers.  All the major global economic developments and metamorphosis in the last 300 years have been triggered and sustained by these two actors - the consumer and the producer."

Uganda's economy has been growing at a rate of 6.6% for the last twenty years without adequate electricity, poor road and railway transport infrastructure but with the surplus electricity and transport infrastructures obtained now, the growth rate will be more than double, added Museveni.

 

Museveni identified these as key infrastructures necessary for investment;

  • abundant and cheap electricity
  • efficient and cheap road and railway transport
  • piped water, and
  • a modern ICT backbone and undersea internet


The Ugandan president invited the Germans to come and participate in agro-processing mineral beneficiation to make steel from the abundant iron ore deposits and other minerals such as gold, wolfram, aluminum and phosphates for fertilizers. He also identified the packaging, textile and leather industries as best for investment.

On tourism, Museveni said that Uganda's geographical location is unique in the whole world except for Kenya and Ecuador.

It lies astride the equator but with high elevation and a lot of varied biodiversity, providing ample food for agriculture and conducive climate all the year round.

Other areas covered included grain milling livestock feeds, fruit and food processing, glass making from the abundant sands, manufacturing and vehicle assembling.

Museveni was also keen to explain Uganda's investment policy that covers tax holidays and industrial parks, adding that global prosperity is dependent on investment, trade, and tourism.

He invited German industrialists and other entrepreneurs to come and preach the gospel of prosperity through investment and job creation.

The German Minister for Economic Cooperation and Development Gerd Muller welcomed President Museveni and encouraged German entrepreneurs to invest in Uganda and share their experiences and skills with Africa now that it is the fastest growing continent.

Later, the Museveni met chairmen and chief executives of the various companies participating and those intending to participate in the Ugandan economy at his residence at the Westin Grand Hotel in Berlin.

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