Ugandans in Diaspora urged to invest in agriculture

Dec 22, 2016

The finance minister, Matia Kasaija, said this would boast production and create more jobs.

(L-R) Executive Director National Planning Authority, Dr Joseph Muvawala, Director International Cooperatives Ministry of Foreign Affairs, Ambassador David Etukel interact with finance minister Kasaija as Acting Chairman Board Uganda Investment Authority Gorge Piwango Jalobo looks on. Photo by Ramadhan Abbey

Ugandans in the diaspora have been advised to invest in agriculture as the most lucrative and under developed sector.

The finance minister, Matia Kasaija, said this would boast production and create more jobs.

Kasaija said this while officiating at the ninth Home is Best summit 2016, for the diaspora in Kampala on Wednesday under the theme: "Diaspora Investment; A Bridge to Middle Income Economy."

"The population is growing and demand is available. We only need to graduate from peasant to commercial agriculture to boost production," he said.

 Finance minister Kasaija addressing the participants

Kasaija assured Ugandans from the Diaspora that their money would be more secure if invested in agriculture than giving it to people to do for them businesses.

He said Government is also focusing on boosting industrialization to promote value addition and create employment.

"It is so sad that we sell raw maize to Kenya and later buy it back in maize flour. We need to invest in value addition to boost our economy and be competitive," he added.

He said the government is ready to give free land to those who want start an industry and have also put in place a one stop centre where people can access all services for investments and businesses.

 

The National Planning Authority boss, Dr, Joseph Muvawala, said besides remittances, Ugandans in the Diaspora can contribute sustainably to development as entrepreneurs, facilitate trade and investment. 

The Uganda North American Association (UNAA) president, Monday Atigo said there has been a gap between the government and its people abroad on several issues thus giving a challenge to those in the diaspora on where to invest.

 UNAA) president Monday Atigo

"We are grateful of the one stop centre; they should publicise it more for all Ugandans out there to know where to go when they return. If we can go to one office and accomplish what we want; it will be easy for us," he said.

Charles Okwaliga, the Chief Executive Officer, TESO PEDO, said government needs to publicise the accessible opportunities in the diaspora to help Ugandans abroad to know where to invest.

Phiona Pamela, based in the US, said they didn't know where to invest; "but after the minister's speech; I am going to invest in agriculture."

According to the latest World Bank data for 2015, Uganda posted the highest growth in remittances in region with 21 per cent, receiving over $1.1 billion (sh3.6 trillion).

 

 

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