Museveni woos Indian investors

By Vision Reporter

PRESIDENT Yoweri Museveni has called on Indian entrepreneurs and business executives to come and invest in the Ugandan economy saying it is much easier to do profitable business and become prosperous in Uganda than in India or many other countries.

He said prosperity could be done through trade and investment as a strategic goal for India to promote partnerships with Africa.

Museveni was on Wednesday afternoon addressing the India-Africa Business Forum at the Le Meridien Hotel in New Delhi. 

He is in India on a four day working visit during which he will also address the 3rd India – Africa Forum Summit currently underway at the Indira Gandi Sports Complex.

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Museveni identified trade, infrastructural development, tourism and collaboration in scientific cooperation and research as areas that can be exploited to create prosperity sustainably through production.

He said the first stimulus for prosperity is trade because the producer, and the buyer mutually support each other.

Museveni however pointed out that whereas Uganda has been supporting the prosperity of India by buying Indian products, India has, over the years not reciprocated in equal measure, thus the trade imbalance between the two countries. 

He explained that India's exports to Uganda are worth US $1.6 billion, but only imports Uganda's unprocessed coffee worth US $16million only; thus creating unbalanced prosperity through trade.

He invited them to come and invest in the agricultural processing sector to add value to agricultural products for export.

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President Museveni poses for a picture with the panelists. PPU Photo

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President Museveni poses for a photo with the proprietor and chairman of Amos Dairies, Dewan Pruthi and his team who paid a call on him at his Hotel in New Delhi. PPU Photo

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President Museveni interacts with members of the Indian business community shortly after his key note address. PPU Photo

Museveni identified other areas as mineral processing, fresh water products, oil, gas and energy.

He called for "the elimination of trade barriers so that Uganda’s’ products such as textiles, tea and dairy products can gain access to the Indian market" but only blocked by consumer action. He said, "It was trade not aid that leads to sustainable prosperity."

He said other areas of interest are investment in infrastructural development and in tourism where Uganda is a much better tourist destination than most parts of the world, with permanent sun on the Equator all the year round.

Museveni had earlier met a number of investors who included those from the Confederation of Indian Industry, the Hinduja Group, and the Tata Group Chairman Cyrus P. Mistry who called on him at his hotel residence.

The meetings were attended by the Minister of Foreign Affairs Sam Kutesa, Uganda’s High Commissioner to India Elizabeth Paula Napeyok and Uganda’s Ambassador to Ethiopia and African Union Mull Katende.