President Yoweri Kaguta Museveni has implored investors to take advantage of Uganda's economic potential and boost its exports.
" This is the right place and time to invest. We have everything here," Museveni said.
He was on Thursday meeting a group, including delegates from the American diaspora and others that are currently participating in the Pan-African Congress Business Forum, which began on October 6 and will conclude on 12, 2024, at Speke Resort, Munyonyo, Kampala.
The conference aims at strategizing trade and investment in Uganda as a gateway to the East African Community and Africa, positioning the country as a new technology and innovation hub for Africa, understanding the US standards and Uganda's progress in improving compliance, leveraging the influence of the African diaspora in the US, among others.
The delegation was led by Mr. Odrek Rwabwogo, Chairperson of the Presidential Advisory Committee on Exports and Industrial Development (PACEID).
The investors expressed interest in various sectors such as manufacturing, tourism, food and vegetables, crafts, coffee, banana flour and vanilla.
They also discussed setting up a computer assembly plant in Uganda and positioning the country as a hub for technological manufacturing in the region.
The president informed them that Uganda, like much of Africa, is rich in resources and ripe for investment.
The President reflected on Africa's historical struggles, tracing the continent's exploitation by foreign powers over the past 600 years.
He recounted how Africa had been colonized by 1900, following centuries of plunder and the atrocities of the transatlantic slave trade.
President Museveni also linked Africa's subjugation to selfish leadership,
saying, "Our ego-centric chiefs and kings, out of selfishness, could not unite us to fight these people."
He further delved into the history of European exploration, explaining how the Ottoman Empire's capture of Constantinople in 1453 blocked European access to the Silk Road, prompting explorers like Christopher Columbus and Vasco da Gama to seek sea routes around Africa.
While these explorations were initially positive for Europe, President Museveni emphasised that they soon became tainted by the evil of slavery.
"The first slaves were captured by the Portuguese in 1441. What should have been a celebration of scientific progress turned into 500 years of exploitation and wars," he said.
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The president also noted that technological advances such as shipbuilding, gunpowder, and the printing press were used not for humanity's collective good but to oppress others.
On the other hand, President Museveni reiterated his vision for African prosperity, which he sees rooted in production and market access.
"If Africans want prosperity, it comes from producing goods or services and selling them," he asserted.
He highlighted the need for African countries to access larger markets, pointing out that Uganda's internal market of 46 million people is insufficient for sustained growth.
"The fragmentation of the African market is a big disaster," he warned, adding that African nations must unite economically to avoid the fate of Latin American countries, which, despite their natural wealth, still rely heavily on the United States for prosperity.
"Despite their wealth in natural resources, they still run to the USA for medical care, education, and other benefits," President Museveni said, stressing the importance of economic independence and collaboration for Africa's future.
Richard Blackwell, a Chicago-based entrepreneur, also spoke passionately about the future of African economic growth and the need to work towards it.
Representing investors, Mr. Blackwell emphasised the importance of dignity and opportunity for black communities globally.
"I have watched many of your videos on YouTube and I was really impressed by your passion for Africa. What I realised is that you care deeply for Africa. When people live in dignity, the whole world can be better," Mr. Blackwell said.
