NEWS- President Yoweri Kaguta Museveni has asked the business community and investors in East Africa to seize the opportunity to collaborate with foreign investors in order to optimize value addition of raw materials, expand partnerships that enhance technology and skills transfer and promote standards that deepen access of locally produced materials to global market.
The President made these remarks on Tuesday January 16th 2024 in a speech read for him by the Vice President Major Jessica Alupo Epel at the East African Investment Forum and Trade Exhibition of the ongoing 19th Non Aligned Movement and G77 summits which took place at Serena Hotel in Kampala.
President Museveni noted that the Exhibition demonstrates Uganda’s commitment to private sector development and a renewed focus to promote Uganda’s abundant investment potential and also strengthen partnerships between Ugandan business community and foreign investors.
He reiterated that Uganda’s philosophy of providing a One Stop Business Center to investors to access all government services at Uganda Investment Authority Headquarters is aimed at creating a business environment and reducing the cost of doing business in Uganda.
The Exhibition which was organized by the Uganda Investment Authority focused on the subject, “The future of East Africa Regional Trade and Investment relations with Non Aligned Movement and G77 Member States.
The President made it categorically clear that trade and investment are the bedrock for economic relations between countries and therefore they lay a strong foundation for mutual prosperity and enable countries to create wealth and development.
He said that the African continent is full of natural resources which are potential for prosperity and if the right technology and innovations are applied such resources should be used to produce high quality goods that are currently being imported from other countries.
President Museveni said that in order to expand Regional trade Uganda is undertaking joint projects with Democratic Republic of Congo and the Republic of Tanzania to implement innovations that will reduce transport and improve cross border infrastructure to facilitate trade.
He hailed the organizers of the East African Trade and Investment Forum which he said will become a platform for future increased business engagements and dialogue to enhance the private sector investments in the region.
While speaking at the same event, the Minister of Finance Planning and Economic Development Hon Matia Kasaija singled out the Uganda Investment Authority One Stop Business Center which serves as a point of contact for investment related processes that cuts red tape and ensures swift and efficient process of services for the investors.
Minister Kasaija explained that Uganda remains strategically located and presents itself as a gateway to a market of over 500 million people in East Africa and the African Continental Trade Free Trade Area.
Meanwhile the Minister of Energy and Mineral Development Dr Ruth Nankabirwa has assured all foreign investors who would wish to invest in Energy and Mineral Development in Uganda of all the necessary policies and supportive legislations.
While speaking at the East African Investment Forum and Exhibition, Minister Nankabirwa talked about the energy strategy that was passed by Cabinet to increase the country’s energy among others.
According to the Chairman of Uganda Investment Authority Morrison Rwakakamba, over 100 investors are expected to seal investment deals worth Ugx 378 billion with Uganda Investment Authority, Private Sector Foundation of Uganda, and, the Uganda Chambers of Commerce and Industry among many other.
