The Independent Uganda: You get the Truth we Pay the Price
President Yoweri Museveni has told German investors at the Hamburg Chamber of Commerce that today’s Uganda offers them a ready market with high profitability ratios un-paralleled anywhere in the world.
He described Uganda as a land of abundant opportunities but which is still lacking in capital and the spectrum of entrepreneurial class in investment, trade and tourism. It is also a high consumer economy.
“When we invite you to come and invest, it’s because we see strategic advantages for you (profitability) and for us (job creation and skills transfer),’ he said, urging them to consider exploiting value addition in various sectors.
Uganda’s growth rate, which has been at 6.6% for the last 20 years, is bound to grow in double digits with the development of major economic infrastructures like hydroelectric power generation, roads, railways and ICT.
Uganda is also considered by economists an impressive investment destination with a population of 38 million people and projected to grow to 120 million by 2050. In the last 10 years, statistics indicate that purchasing power of Africa has risen from $500 billion to $8.2 trillion and is expected to exceed $36.2 trillion by 2050.
President Museveni pushes for investment, tourism and trade
Museveni, is on a two-day working visit to Germany. On Friday he addressed various German businessmen under their umbrella body, the 350 years old Hamburg Chamber of Commerce in Hamburg, Germany. He addressed a similar gathering a day earlier in Berlin. (Click here for Berlin story)
The Ugandan president advised German businessmen that the quickest way to profitability is to get people with the technology and money to partner with local stakeholders in Kampala to invest in various sectors especially tourism and trade.
We hope to continue attracting more big investors to Uganda as we focus on creating jobs for our people. pic.twitter.com/lvwLlAUgb2
— Yoweri K Museveni (@KagutaMuseveni) June 3, 2016
“My coming here is because of the issue of the entrepreneurship which is one of the bottlenecks – the size and spectrum of our entrepreneurial class. If you choose to invest in our country and promote tourism and trade, we will all prosper,” he said.
He said Uganda entrepreneurial class was growing but needed partnerships in manufacturing and the services sector that depended on human intellect.
He identified major areas of investment in the Ugandan economy; agro processing particularly in grain milling, fruit processing, starch from maize and bananas, textiles manufacturing and the leather industry. He also identified opportunities in minerals, gold, iron ore, aluminum and colton. The packaging industry and glass manufacturing, human and livestock drug manufacturing and solar powered water pumps for irrigation were other areas of investment.
Museveni told them that five elements inter linked in a successful business were the producer and consumer, profitability, infrastructure and prosperity, emphasizing that businesses cannot survive without production and consumption.
“Lack of entrepreneurship, capital, hindrance to prosperity”
The Chief Executive Officer of the Hamburg Chamber of Commerce Dr. Schmidt-Trenz welcomed the Ugandan leader to the 350 years old Chamber of Commerce and said that although 34 African countries collaborate with the Chamber, foreign trade from Africa represents only 2% of all trade through the hub.
He hoped that Museveni’s visit would go a long way in contributing to the enhancement of bilateral trade and commerce.
I received the Afrika-Verein Award for Excellence in Leadership from the German-Africa Business Association. pic.twitter.com/uIJCc13VI2
— Yoweri K Museveni (@KagutaMuseveni) June 3, 2016
The Chairman of Africa Verein Association Dr Stefan Liabing said he was delighted that Museveni accepted the invitation and assured him that the Association was determined to make German investments in Uganda a success story in Africa.
Museveni was accompanied by the Minister of Trade, Industry and Cooperatives Amelia Kyambadde, the Chairman of Uganda Manufacturers Association Amos Nzei, Uganda’s Ambassador to Germany Marcel Tibaleka, members from Uganda’s Investment Authority, Tourism and the private sector in Uganda.
