Museveni tips investors on business opportunities

President Museveni has urged investors to prioritise Uganda as one of Africa’s virgin investment destinations, citing the mineral, agricultural sectors, paper industry, among other areas which he said still need more investments.

While addressing the business community during the Uganda-South Africa Trade, Tourism and Investment Summit 2023 in Pretoria, South Africa on Tuesday, President Museveni said: “Now I see some sleep in the business groups. If you look at Africa, opportunities are really plenty. Agricultural products of all types are there, they just need processing, and that is a new area for our people.”

“Then you go to minerals like iron ore, phosphates, gold, cobalt, lithium, all those raw materials are there. Recently, I agreed to export some iron ore to our brother Kenya for 20 years, but we had to own the factory in Kenya. We also agreed on the jobs,” President Museveni, according to a press statement issued by the Presidential Press Unit (PPU).

However, the President reiterated that all investors should not expect to engage in exportation of raw materials.

“I banned the export of unprocessed raw materials because I cannot associate our movement with that sort of betrayal for Africa. The Chinese seem to have a better nose for smelling profits than other people. They have opened factories in Uganda, and they are making some good money,” Mr Museveni said.

The President also advised the business community in South Africa, Europe and the US to first examine Uganda’s import bill before investing in the East African country. His host, President Cyril Ramaphosa, assured both the Ugandan and South African business communities that he, together with President Museveni, are working around the clock to boost trade and investment between the two countries.

“When it comes to trade linkages between South Africa and Uganda, there is certainly a great room for improvement. Last year, we saw a decline in trade volumes between our two countries compared to the previous year, [which] could have been [because of the impact] of Covid-19,” President Ramaphosa said.

Meanwhile, President Museveni has been awarded the prestigious ‘Order of South Africa' medal to recognition for his contribution in the liberation of the people of South Africa from the yoke of colonialism.

The award was bestowed upon him by President Ramaphosa at a State dinner at Sefako M Makgatho Presidential Guest House in Pretoria.

The citation of the award praised President Museveni for his steady leadership and strong relations between South Africa and Uganda.