President Yoweri Museveni and the business community have mourned the fallen Uganda's great entrepreneur James Mulwana.

"I am deeply saddened by the news about the death of Mr. Mulwana James. I extend my deepest sympathies to the family, friends, and all Ugandans for the loss of such a wonderful man. May His Soul rest in peace," Museveni posted on social network, Twitter.

Mulwana died Tuesday morning at Nakasero. He is survived by a wife and three children.

Doctors believe the 76-year old died of abdominal complications.

The late James Mulwana receiving an award from President Museveni. Middle is First Lady Janet Museveni. File Photo

"He was a great leader, inspiration and icon for us Uganda businessmen ... his championing of the cause of businessmen will be his legacy to this country," Sudhir Ruparaelia, the Chief Executive Officer, Crane Group of companies said.

Charles Mbiire, MTN chairman who described Mulwana as his mentor said, "He represented the acceptable face of capitalism, he was an honest man and he knew perseverance. He stood for integrity for us associated with him he infected us with his spirit. He was my mentor and he used to say politics is not business and business is not politics."

Mulwana is the engine that has driven Uganda's private sector, a fact that explains his appointment as chairman and board member of various organisations in the country. These include Standard Chartered Bank, BATU Uganda, East African Development Bank, East African Business Council, Eskom Uganda and the Insurance Company of East Africa.

Mulwana has also served as a member of the International Finance Corporation Business Advisory Council, which deals with directly financing private sector projects in developing countries. In addition, Mulwana has been the honorary consul of Thailand to Uganda since 1993.

However, Mulwana is not all business. His compassion has seen him serve as the vice chairman of SOS Children's Village, a charity organisation that takes care of homeless children and orphans. He also serves as Hospice Uganda's patron, and is a trustee of Mengo Hospital, a board member of Interplast Uganda and St. John Ambulance.

Without a doubt, Uganda's economic development has thrived on James Mulwana's business acumen, innovation, ingenuity and focus.