By Frank Kamuntu
President Yoweri Kaguta Museveni has appealed to South African investors to join forces with Uganda and exploit the economic potential it has.
This, the President said, will help build a strong economy for the two countries and Africa at large.
“When South Africa got freedom, I met Mzee Mandela, and I suggested that we work together with South Africa because it had some capacity at that time of more investors, some capital and I wanted to take advantage of them, and they also take advantage of us to build a strong economy for Africa. That is how I proposed to Mzee Mandela that we start a joint airline, but it didn’t continue due to some challenges,” H.E Museveni said.
The President made the remarks at the Uganda- South Africa Trade & Investment Summit held at Commonwealth Resort, Munyonyo.
Running under the theme; “Accelerating Uganda- South Africa Trade and Investment”, the two-day summit attracted over 40 companies from South Africa.
President Museveni informed the audience that the summit was a crucial ground to link Uganda’s business potential with that of South Africa. He therefore requested the South African companies operating in Uganda like MTN and Stanbic Bank to join the government’s efforts of helping all Ugandans to join the money economy to achieve the desired socio- economic transformation.
“You have heard that until recently, 68 percent of the population was out of the money economy. We had to bring in the army to distribute coffee seedlings for these people to join the money economy by growing coffee. Now the figures of the ones outside the money economy are 39 percent and we want everybody to join the money economy. If all these join the money economy, will it not benefit the telecom industry? If all these people join the money economy, won’t they have more money in the bank?” he inquired.
President Museveni further rallied the investors to add value to Uganda’s raw materials such that the country can be able to build an independent, integrated, and self-sustaining economy.
“If we add value for example on coffee instead of getting USD2.5 per kilogram, we shall get USD40 per kilogram and when the economy of Uganda becomes much bigger, we shall all benefit,”
He commended the President of South Africa, H.E Cyril Ramaphosa for working towards strengthening the bilateral ties between the two countries.
“I want to thank His Excellency Ramaphosa for remembering and sending you here because the items you have captured here are good. Countries like Uganda have got everything. There’s nothing that we don’t have ranging from Agriculture, minerals, forests etc., so we have a very big potential, it is good that we link up as Africa and work together.”
The President further tasked the South African business people to also pick interest in Uganda’s E-mobility sector by investing in areas of manufacturing lithium batteries.
“We are building our own electric vehicles and we are also trying to come up with lithium car batteries. We shall make the batteries here so get me investors. We shall use our lithium batteries in our vehicles and export others.”
President Museveni also witnessed the signing of Memoranda of Understanding (MOUs) between Uganda and several companies from South Africa.
The MTN Group chairman, Mr. Mcebisi Hubert Jonas asked the government of Uganda to strive in reducing the cost of doing business, saying that such a move will strengthen the investment environment and ensure an enviable investment climate.
“This summit has been very successful. It has not been looking at deals only but also looking at the investment environment in Uganda and the continent at large.”
The summit was attended by the Minister of Trade, Industry and Cooperatives, Hon. Francis Mwebesa, Minister of ICT and National Guidance, Dr. Chris Baryomunsi, members of the diplomatic corps, private sector players among others.
As I closed the Uganda-South Africa Trade & Investment Summit at Speke Resort, Munyonyo, I appealed to the South African investors to join forces with us to ensure that they take advantage of the economic potential of Uganda. This will help build a strong economy for the two… pic.twitter.com/PLnE8DARQv
— Yoweri K Museveni (@KagutaMuseveni) September 6, 2023
