Museveni also expressed gratitude for existing partnerships with the U.S., particularly in the areas of security, health, and education. He cited successful ventures, such as DET from Detroit, which has ordered 600,000 sachets of processed coffee, and invited further investment in computer assembly and technology.
Vice President, Jessica Alupo in a group photo at the event
President Yoweri Kaguta Museveni has called on U.S. investors to partner with Uganda in fostering economic growth. His message, delivered by Vice President Jessica Alupo at the Pan African Congress Business Forum and Expo, emphasized Uganda’s potential in agriculture, manufacturing, and creative industries, urging U.S. businesses to invest significantly in these sectors.
“We urge you to work with our Ugandan entrepreneurs or set up your own companies here to process and add value to our large yet perishable organic commodities like coffee, cotton, tea, grains, fish, bananas, dairy products, beef, and vegetables,” Museveni said. He further assured foreign businesses of government support, including tax exemptions and accessible financing.
With a projected USD 16 trillion market by 2045 under the African Continental Free Trade Area (AfCFTA), Museveni emphasized Uganda’s strategic position as a gateway to this single market. He added that the country is focused on building a knowledge-based economy, advocating for growth in the film industry, data systems, and cultural exchanges to tap into Africa’s youth market.
Museveni also expressed gratitude for existing partnerships with the U.S., particularly in the areas of security, health, and education. He cited successful ventures, such as DET from Detroit, which has ordered 600,000 sachets of processed coffee, and invited further investment in computer assembly and technology.
“Africa does not need any aid; we simply need partnerships to add value, build manufacturing capacity, and create jobs,” the president concluded.
The event, organized by the Presidential Advisory Committee on Export and Industrial Development (PACEID), aimed to foster trade relations between Uganda and the United States. In his address, Francis Mwebesa, Uganda’s Minister for Trade and Cooperatives, noted that the forum was timely as Uganda seeks to grow its economy tenfold—from USD 50 billion to USD 500 billion in the next 15 years.
Mwebesa highlighted the need for Uganda to focus on high-value trade to maximize benefits from trade with major economies. “Global strong economies will be good vehicles for developing our economy and addressing structural challenges,” he said, emphasizing the importance of digitalization for enhancing operational efficiency.
He also noted that quality investment in trade development and industrialization are essential for economic growth, supported by solid infrastructure, such as transportation. “With support from development partners, you can now travel throughout the country on paved roads linking the countryside to commercial centers,” he remarked.
However, Mwebesa acknowledged that Uganda still struggles with increasing commercial production to enable the private sector to benefit from the expanded road network. He pointed out challenges in meeting the required quality standards for the U.S. market, compounded by limited and inconsistent production to supply adequate quantities. He believes that the U.S. investor delegation’s presence is a step towards addressing these issues.
Odrek Rwabogo, PACEID chairman, noted that the event resulted from various market interventions agreed upon with the president to help the economy recover from the COVID-19 lockdown, which saw over 500,000 jobs lost by June 2020. “The U.S. market is critical for us, and our target is to increase exports to USD 1 billion, up from the current USD 200 million,” Rwabogo said.
According to him, this ambitious target will be achieved through off-taking processed products, investment in value chain development, and tourism, which will foster greater interpersonal interactions and create awareness of Uganda, the region, and Africa. He added that Uganda is also enhancing export and trade relations within Africa, citing a hub set to open in the DR Congo in early November to sell Ugandan fish, with a target of one million tons annually. Another hub is planned for Nigeria in February next year.
“The main purpose of the expo is to secure supply contracts and acquire the know-how to execute them, along with person-to-person exchanges,” Rwabogo concluded