By Frank Kamuntu
President Yoweri Kaguta Museveni yesterday received the Foreign Minister of Japan, Mr Hayashi Yoshimasa with his delegation at the State House, Entebbe.
The discussion centered on how Japan can support Uganda specifically on value addition, by encouraging Japanese investors to set up in Uganda, as opposed to importing raw materials which keeps Africa and Uganda stunted despite having natural deposits capable of catapulting our economies.
President Museveni told the Foreign Minister that the economy of the whole of Africa is 2.7 trillion Dollars which is smaller than the GDP of Japan one country, Germany, and India.
He said that in the case of Uganda, some of the population is still outside the money economy (non-monetary GDP).” Africa is very deceptive because you can live without money as long as you eat if it is merely survival.” he said.
The President further informed the visiting foreign minister that until 2013, only 32 percent of Ugandans were in the money economy, however, with government interventions, they have doubled the figure but presented us with another hurdle that those who are in the money economy are dealing in raw materials.
“We are therefore undergoing what is called perennial hemorrhage and it’s responsible for Africa’s stunting due to our bankrupt planners, coupled with external parasites who manipulate, interfere politically, and work with traitors to retard Africa,” the president said.
He, therefore, called on Japanese manufacturing companies to take an interest in Uganda and add value to Ugandan products like Coffee.
President Museveni further requested the Japanese Foreign Minister to get companies that can make car batteries because Uganda has got Lithium. “We are already manufacturing electric cars, but we need car batteries,” President Museveni noted.
On his part, the foreign minister reiterated their desire to strengthen bilateral relations with Uganda, he said Japan as the G7 Presidency attaches great importance to listening directly to the voice of Africa.
He pledged to continue to support Uganda in the health sector and also informed the President that Japanese are getting increasingly interested in Ugandan companies especially startups for them to grow and become bigger businesses.
Mr. Yoshimasa also pledged to look into the President’s request to get companies that make car batteries.
The meeting was also attended by the Japanese Ambassador to Uganda Hindemoto Fukuzawa, Hon. Gen. Jeje Odongo, Uganda’s Foreign Minister, Gen. Katumba Wamala, the Minister of Works & Transport, and the Attorney General, Mr Kiryowa Kiwanuka.
1 comment
We Africans sometimes in attracting investors display more foolly. We are like dozed when we speak a lot in trying to convey the opporrunities. Before coming, these investors have already done their homework. Most investors are supported by their home countries. No investor comes to boost Uganda at tge expense of his home country. We should support our own. Eg ask say Mulwaana’s Uganda Batteries if they have an Idea / credible patteners on local Battery Manufacturer. Lets give confidence to our own. Our Economy wont grow if all profits are repartriated. At this rate, the approach and actions of our leaders continue to displace the indiginous from their opportunities and resources.
We should choose specific investors in areas we indeed cant handle now.