President Museveni Visits Uganda Pavilion at Expo 2020

President Yoweri Kaguta Museveni arrived in Abu Dhabi on October 2 to visit the Uganda Pavilion at the Expo 2020 being held in Dubai till end of March 2022. 

On arrival in Abu Dhabi International Airport, President Museveni was received by H.E Sheikh Shakhboot Nahyan Al-Nahyan the Minister of State in the Ministry of Foreign Affairs and International Cooperation of UAE.

Others at the Airport to receive President Yoweri Kaguta Museveni were; H.E Abdulla Alshamsi the UAE Ambassador to Uganda, The Foreign Affairs Minister Hon. Gen. JJ Odongo, The Finance Minister Hon. Matia Kasaijja, Ambassador Zaake Kibedi, Ambassador Henry Mayega,Ambassador Arthur Kafeero and the Chief of Protocol Ambassador Charles Ssentongo among others. 

Uganda Woos Investors

President Museveni of Uganda invited international investors to invest in Uganda, saying the East African country guarantees access to a wider market of 1.4 billion people.  Museveni cited Uganda’s proximity to the Common Market for Eastern and Southern Africa (COMESA) and larger African market of 1.4bn people; access to tariff and quota free American, European Union and Chinese markets.

President Yoweri Kaguta Museveni said Uganda is one of the best destinations for investment in the world because of security, infrastructure, weather and markets among others. “You can mobilize the rich people here to come and invest in Uganda mainly in the sectors of steel production, fertilizers, energy, and agro-processing,” Museveni said.

He was on Saturday evening meeting groups of prospective investors from different organization at St. Regis Hotel in Abudhabi, United Arab Emirates.

While meeting investors from Abu Dhabi Chamber of Commerce, the president expounded on the four areas these groups should interest themselves in. The areas of investments he said are steel production, fertilizers, energy and agro-processing. For energy, the president emphasized the need for hydro energy or wind energy “We have the law materials which makes it cheaper for production,” he said.

The First Chairman of the Board of Directors, Abu Dhabi Chamber of commerce, Dr. Ali Saeed bin Aarmal revealed that they have a factory already in Uganda that exports fruits, vegetables and fish among others to the United Arab Emirates.

He however said that they will look try to invest also in the sectors suggested to them by the president and pledged to support any potential Ugandan company in UAE.

Abu Dhabi Chamber of Commerce coordinates all business people in agriculture, industries, infrastructure and services in Abu Dhabi. Others groups were from Abu Dhabi Development Fund, which finances big projects in infrastructure, Streit Group, the largest company to manufacture armored vehicles in the world.

Streit Group is currently constructing a factory for armored vehicles in Nakasongola and is expected to start its operations in November 2021.

President Museveni said, “Am here to tell you that in Uganda there are potential products, and infrastructure is good and there is a market.” Apart from the market of over 42 million Ugandans, the president said there is a market for the 1.4 billion Africans where one can sell their products if they chose to invest in Uganda.

“In 2018 Uganda was exporting products worth $600million to UAE, however today Uganda exports $1.25 billion ,” Ambassador Kibedi said.

The president invited these groups to visit Uganda and have more details for their intended investments. The meeting was attended by the third deputy Prime minister, Rukia Nakadama, Minister Matia Kashaija, Minister JeJe Odong, Minister Frank Tumwebaze and Minister Tom Butime among others.

Uganda Means Business

The Ugandan economy has been registering an unprecedented aveareg GDP growth rate of over 5 per cent in the last 5 years, making it one of the fastest growing economies in East Africa. Inflation, which had been rising at an alarming pace in the early 80's has also dropped drastically to less than 30%.

Dubai's re-exports to Uganda have more than doubled in the last 5 years due to increased trade between the two countries. As more and more Ugandans realise the benefits and convenience of doing business with Dubai, these figures are sure to rise in the coming years. Already Dubai has emerged as a favourite shopping destination for the people of Uganda. "The availability of quality goods at competitive prices is attracting a growing number of Ugandans to Dubai," says Zaake Wanume Kibedi, Ambassador of Uganda to the United Arab Emirates.

Uganda's economic performance in the last few years has generated a lot of interest in business circles around the world. Economists believe that the country has an economy with great potential as it is endowed with significant natural resources, including amply fertile land, regular rainfall, rich mineral deposits and a skilled labour force. Little wonder then that economic forecasts for Uganda predict that the country is now poised for rapid economic growth and development.

Political stability has been the cornerstone of economic success in Uganda. Since President Museveni came to power in 1986 there has been peace in most parts of the country. Recent presidential elections have further boosted the country’s image and provided a platform for further economic development. In the last 10 years Uganda has made an impressive recovery from its turbulent past. Today, the country's economy is on the upswing following the implementation of a structural adjustment programme recommended by the International Monetary Fund (IMF): in the last year the economy grew by over seven per cent. Though the economy is still based on agriculture, with coffee accounting for up to 80 per cent of export earnings, yet the manufacturing sector has also gained in prominence. New industries have recently been set up for processing of vanilla, fish fillets and roses for export. Although Uganda’s major export markets are Europe and the USA, the Middle East is fast emerging as a big market for Uganda. Uganda’s exports to the Middle East constitute cotton, tea, tobacco hides, skins, vegetables, fruits, and fish.

Uganda's relations to the Arab world go back to the 1830s when Arab traders moved inland from their enclaves along the Indian Ocean coast of East Africa and reached the interior of Uganda. Since then, Uganda has had cordial relations with the Arab world. As member of the Organisation of Islamic Countries (OIC), Uganda is considered as an ally and friend by all Arab countries.

Tourism, which used to be Uganda's fourth largest source of foreign exchange until the troubles of the 1970s, is another area of potential growth in UAE-Uganda relations. Uganda is home to about two-thirds of the rare mountain gorillas which still live in the wild. This and other opportunities to view primates such as man's closest relative, the chimpanzee, are attracting a growing number of visitors from all over the world. A concerted international marketing campaign by the Uganda Tourist Board (UTB) will go a long way in luring more visitors from the region. Till now, the private sector has taken the initiative to promote Uganda's tourist attractions abroad.