Museveni tells American investors that Uganda can make them rich

Kampala, Uganda | THE INDEPENDENT | President Yoweri Kaguta Museveni has implored investors to take advantage of Uganda’s economic potential and boost its exports.

During a meeting at State Lodge, Nakasero, the President said he was very happy with the meeting. “You are most welcome here in Uganda. This is the right place and time to invest. We have everything here,” Museveni said.

The group, including delegates from the American diaspora, is currently participating in the Pan-African Congress Business Forum, which began on October 6th and will conclude on October 12th, at Speke Resort, Munyonyo.

The investors expressed interest in various sectors such as manufacturing, tourism, food and vegetables, crafts, coffee, banana flour and vanilla. They also discussed setting up a computer assembly plant in Uganda and positioning the country as a hub for technological manufacturing in the region.

Museveni informed the delegation that Uganda, like much of Africa, is rich in resources and ripe for investment. He reflected on Africa’s historical struggles, tracing the continent’s exploitation by foreign powers over the past 600 years. He recounted how Africa had been colonized by 1900, following centuries of plunder and the atrocities of the transatlantic slave trade.

Museveni reiterated his vision for African prosperity, which he sees as rooted in production and market access. He highlighted the need for African countries to access larger markets, pointing out that Uganda’s internal market of 46 million people is insufficient for sustained growth. Museveni said African nations must unite economically to avoid the fate of Latin American countries, which, despite their natural wealth, still rely heavily on the United States for prosperity.“Despite their wealth in natural resources, they still run to the USA for medical care, education, and other benefits,” Museveni said, stressing the importance of economic independence and collaboration for Africa’s future.

Richard Blackwell, a Chicago-based entrepreneur, also spoke passionately about the future of African economic growth and the need to work towards it.

Representing investors, Blackwell emphasised the importance of dignity and opportunity for black communities globally.“I have watched many of your videos on YouTube and I was impressed by your passion for Africa. What I realised is that you care deeply for Africa. When people live in dignity, the whole world can be better,”  Blackwell said.

He stressed that black people should not remain at the bottom of global economic structures, expressing hope for a future where dignity and progress are accessible to all. Reflecting on his journey, Blackwell shared insights from his childhood, growing up in a segregated neighbourhood in Philadelphia. Despite the economic hardships faced by his family, he credited his parents for instilling values of character and perseverance.

Blackwell further discussed the parallels between the economic models of other nations and the potential for African development. He cited India’s economic transformation, which lifted millions out of poverty by focusing on services rather than manufacturing. “In 1991, India reformed its economy, and in just 20 years, it moved millions of people out of poverty. This was largely due to doing business with the United States,” he explained.

He underscored the importance of creating a data-driven industry in Africa that could fuel growth across other sectors, particularly through analytics. “In a commodities industry, if you don’t have sophisticated analytics, you won’t survive. Analytics will allow us to capture more value in global supply chains,” Blackwell noted.

He called for the creation of world-class capabilities in Africa, starting with Ghana, to harness the power of data and services. “We can build something powerful here, not just for Africa, but for the global stage. This is a journey we must take together, leveraging our collective strengths,” he noted.

The conference aims at strategizing trade and investment in Uganda as a gateway to the East African Community and Africa, positioning the country as a new technology and innovation hub for Africa, understanding the US standards and Uganda’s progress in improving compliance, leveraging the influence of the African diaspora in the US, among others.

The delegation was led by Odrek Rwabwogo, the Chairperson of the Presidential Advisory Committee on Exports and Industrial Development.

****

URN