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Uganda is like a Gold Mine, Museveni Woos UAE Business Community

The business community in the United Arab Emirates (UAE) has been urged by President Yoweri Museveni to invest in Uganda and take advantage of the many unexplored prospects the nation offers.

The business community in the United Arab Emirates (UAE) has been urged by President Yoweri Museveni to invest in Uganda and take advantage of the many unexplored prospects the nation offers.

President Museveni informed the audience at the UAE-Uganda Presidential Initiative on Investment Summit in the capital of the UAE, Abu Dhabi, that although the economy of Uganda is now growing at a rate of 6% annually, there is significant room for it to grow even faster.

The President urged United Arab Emirates investors to take advantage of the numerous unexplored commercial and investment opportunities in Uganda and the African continent, which he compared to a gold mine.

“Uganda and all of Africa are like a gold mine, and we are only at the opening.

Museveni’s remarks as president

Gen. Museveni gave the investors a brief overview of Uganda’s economic history, noting that despite inheriting a nearly bankrupt economy when it came to power, the National Resistance Movement government was able to expand, diversify, and transform the economy on both a quantitative and qualitative level.

He continued, “Expansion saw the already established economic sectors of the economy increase their output volumes, diversification saw the emergence of new sectors, and transformation was characterized by the addition of value to the nation’s agricultural output and the creation of knowledge-based products through science, technology, and innovation.”

The 300 million-person East African market, which is tax- and quota-free, as well as the African market, which has been brought together by the signing of the continental free trade agreement, are all reasons why any business-minded person would be wise to invest in Uganda, according to President Museveni.

He added that Uganda is fortunate to have a young, talented labor force that will supply the necessary labor for an affordable wage.

He specifically mentioned that they may invest in import-substitution businesses that already have a ready market within the nation, preventing the outflow of jobs and money.

He reaffirmed the government’s resolve to getting rid of the corrupt and inefficient government employees who, among other things, frequently cause delays in business licensing and demand bribes from prospective investors.

The government, according to President Museveni, is committed to making it easier to conduct business in the nation by building a standard gauge railroad, improving the road system, and enhancing maritime transportation.

Entrepreneur Hamis Kiggundu

In addition, he stated that the government was attempting to cut the cost of industrial energy tariffs by acquiring as many energy sources as feasible and lowering financing costs.

Ambassador Zaake Kibedi of Uganda’s mission in the United Arab Emirates applauded the President for establishing the round table forum for the UAE-Uganda Presidential Initiative, noting that since its creation, remittances from Ugandans working in the UAE have increased from 50 million US dollars in 2018 to 1.5 billion US dollars today, and foreign direct investment has increased from 600 million US dollars to 1.5 billion US dollars.

The Hon. Matia Kasaija, Minister of Finance, Planning, and Economic Development; the Hon. Ruth Nankabirwa, Minister of Energy; the Hon. Frank Tumwebaze, Minister of Agriculture; the Hon. Okello Oryem, Minister of Foreign Affairs; and the Hon. Evelyn Anite, Minister of Investment; were among those who attended the investment round table summit.

At the conference in Dubai, President Museveni

President Museveni met with several investors interested in investing in Uganda’s energy, agro-processing, tourism, hospitality, real estate, banking, mining, health, and education sectors on the sidelines of the Investment Forum.

He invited everyone to come and invest in Uganda and reaffirmed the government’s commitment to provide the necessary incentives and fostering an atmosphere that would enable them to prosper and make a profit from their investment.

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