Renowned businessman and politician Mike Mukula has underscored the importance of local entrepreneurs in countries like South Korea, Japan, and the United Arab Emirates, where the economy is primarily controlled by indigenous citizens.
"In South Korea, the economy is run by Koreans. Japan, with its powerful economy, is the fourth largest in the world and is largely controlled by the Japanese. If you look at companies like Toyota, Nissan, and Yamaha, they are all Japanese. While Americans have significant influence, the Japanese effectively control their economy. The same is true for China and India. However, in Africa, we remain divided. It is time for Africans to discover their capacity and potential," he stated, urging Africans to adopt this model.
He encouraged local entrepreneurs to focus on enhancing their capabilities, citing his own success in establishing Uganda's largest fuel storage plant, with a capacity of 10 million liters.
"Since I left elective politics, we have set up the largest fuel storage plant in Uganda," he explained.
Mukula made these remarks during a fellowship on Economic Empowerment in Uganda and Africa, as the Rotary Club of Kampala Kibuli celebrated 100 days under President Julie Kariisa.
Emphasising the importance of population demographics and infrastructure development in driving Uganda's economic growth, Mukula called on Ugandan entrepreneurs to expand their ventures beyond Kampala.
He highlighted the importance of stability and risk-taking in fostering economic growth.
He reiterated the need for Ugandans to take calculated risks and explore opportunities in untapped regions of the country.
"Some of you get satisfied with Kampala, but you need to widen your scope beyond the capital. Go to areas like Jinja, Arua, and Kitgum to discover opportunities," he stated.
Mukula also stressed the critical role of peace and stability in business success, noting that security infrastructure is a fundamental requirement for economic growth.
"A country which is not peaceful makes businesspeople fearful of insecurity. Peace and stability are essential for economic growth," he added.
He emphasised the significance of a well-balanced approach to business management, urging entrepreneurs to manage their resources effectively.
"You need to ensure that you balance your books. If you don't, you will never know your profit and loss, and within a short time, you could lose your business due to poor resource management," Mukula said.
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Discussing Uganda's population dynamics, he pointed out that 55% of the population is below the age of 16, with most being dependents who consume without contributing to the economy.
"The working and tax-paying segment of the population is relatively small, while the young, dependent population creates high consumption levels," he explained.
Highlighting the critical role of infrastructure in economic development, Mukula reflected on Uganda's progress since 1986 in building roads and increasing electricity generation.
"By 1986, we had only 1,350 kilometers of tarmacked roads. Without good roads, you cannot do business. Infrastructure is key," he stated, adding that electricity and ICT development are equally essential.
He also compared global energy production, noting that "countries like Belgium generate over 14 to 16 gigawatts of electricity, while the African continent as a whole struggle to meet its energy needs."
He urged Uganda to enhance its power generation to support industrial growth.
Mukula encouraged entrepreneurs to think beyond their immediate surroundings and plan for the future, leveraging Uganda's youthful population and investing in essential infrastructure for sustained economic growth.
"Population growth presents immense opportunities, but we must manage our resources well and invest in key areas like roads, electricity, and ICT," he emphasised.
