President Yoweri Kaguta Museveni has called on global investors to take advantage of the vast opportunities available in Uganda and Africa, emphasizing the continent's immense potential for economic transformation. He made this appeal during his address at the 4th edition of the Abu Dhabi Sustainability Week (ADSW), held at the Abu Dhabi National Exhibition Centre (ADNEC). The summit, with the theme "The Nexus of Next: Supercharging Sustainable Progress," brought together leaders from Africa and beyond to explore strategies for promoting sustainability and inclusive growth.
Speaking on the topic "Transforming Uganda in a Rising East Africa," President Museveni highlighted the rapid growth of Uganda’s economy. He stressed, however, that further development would require added value to its agricultural and industrial products. "We invite global investors to partner with us in accelerating the transformation of Uganda’s economy and society. This transformation presents a mutually beneficial opportunity, with Uganda’s internal rate of return (IRR) at 14.15%. As a lower middle-income nation, Uganda is on the path to becoming a high-middle-income country and, eventually, a first-world nation," he said.
He outlined the need for value addition to Uganda’s agricultural raw materials, including coffee, bananas, fruits, cotton, oilseeds, cassava, maize, tea, dairy, beef, poultry, fish, forest products, sugar, and minerals. President Museveni assured investors that Uganda, along with the broader East African region, offers a growing market capable of absorbing their products and sustaining their investments.
"We have a clear vision in Africa: when you produce goods or services, you must sell them. The more you sell, the more prosperous we become. Uganda’s internal market of 46 million people is insufficient to support large-scale production, especially given the lower purchasing power. However, with a surplus of products such as maize, milk, beef, bananas, cement, textiles, and more, Uganda’s economy benefits significantly from the East African market," he noted.
The president also pointed out Africa's promising future, forecasting a population of 2.5 billion people in the next 25 years, with Uganda’s population expected to reach 106 million. He emphasized the importance of avoiding the pitfalls of greed and ignorance, advocating for solutions that foster mutual benefit and global prosperity.
In his address, Museveni also discussed Uganda’s journey from economic recovery to diversification and value addition. He outlined the country's progress, citing the expansion of sectors like dairy, fruits, leather, vaccines, and automobiles, which have helped elevate Uganda’s economy from $4 billion (UGX 14.7 trillion) in 1986 to $166.5 billion (UGX 622.2 trillion) in current terms.
Among the distinguished attendees at the summit were Nigerian President Bola Tinubu, who spoke on sustainable energy strategies for Africa, and several key Ugandan officials, including Attorney General Kiryowa Kiwanuka, Permanent Secretary of the Ministry of Finance Ramadhan Ggoobi, Permanent Secretary of the Ministry of Health Dr. Diana Atwine, and Permanent Secretary of the Ministry of Foreign Affairs Vincent Bagire. Uganda’s Ambassador to the UAE, Zaake W. Kibedi, and Deputy Head of Mission Aisa Ismail were also present, along with other embassy representatives.
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