Uganda: Wealth Creation Must Be Driven By Private Sector, Says Museveni

Mombasa — Nations can only get rich if they create conditions conducive enough for the private sector to thrive, President Museveni has said.

Speaking at the Kenya-Uganda business forum in Mombasa on Wednesday, President Museveni said for a long time, there had been a clash of views on how countries could get wealthy. But the matter was now resolved with the position that it was the private sector to lead this push.

The President is in Kenya on a three-day state visit on the invitation of President Uhuru Kenyatta.

The business forum, which brings together key private sector players in the two countries, was held under the theme: "Strengthening Economic and Trade Partnership".

President Museveni said it was clear that the private sector is the one to create wealth, arguing that "trade is the only way for survival and it cannot be interfered with".

Mr Nicholas Nesbitt, the East African Business Council chairman, urged the private sector to be pro-active, look for global opportunities and take the Pan-Africanism stand in promoting business.

The President also emphasised the need for integration arguing that a country cannot solely rely on its internal market.

"That is why some of us speak about integration until we are about to suffer from throat cancer. Uganda has 40 million people, and some still very poor. You must look at the EAC, Comesa and now the Continental Free Trade Area. Without a market, there is no wealth ... no jobs and without jobs, there is no stability," he said.

Mr Amos Wekesa, a businessman and chief executive officer of Great Lakes Safaris Lodges, thanked the governments of Uganda, Rwanda and Kenya for forming the East African tourist visa but urged them to encourage Tanzania to join.

He also asked for more initiative to exploit trans-boundary tourism, urging regional governments to reconsider the demand for yellow fever vaccination cards within the region.

Kenyatta urges on new opportunities

Kenyan President Uhuru Kenyatta, said Uganda and Kenya had the opportunity to be trailblazers in economic growth, adding: "I and Museveni believe that the future of Africa depends on the inter-trade relations." He also challenged the business community to explore new opportunities.

See What Everyone is Watching

More From: Monitor

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.