Business

Museveni: Investors Free To Repatriate Profits

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information pills http://creativecommons.org/wp-content/plugins/breadcrumb-navxt/class.bcn_admin.php geneva;”>Mr. Museveni, ailment http://ckls.org/wp-content/plugins/jetpack/class.jetpack-error.php who is accompanied by a number of Cabinet Ministers, advice http://danceexchange.org/wp-content/plugins/all-in-one-seo-pack/json.php also attended a dinner hosted in his honour by South Korean businessmen on Wednesday.


Speaking at the dinner at the Lotte Hotel, Mr. Museveni urged the business community in South Korea to invest in Uganda.


He told the gathering that in spite of some bottlenecks prevailing in the country, Uganda is very profitable and that these issues were being addressed by the government,


The President said the economy has been growing at the rate of 5.3 percent annually and it is likely to grow to double digits now that the problem of reliable power has been tackled by the government.


“I am assuring you that with the improvement in reliable power supply, the investors will be able to earn between 40 and 50 percent of their investments as profit. In addition, investors are free to repatriate their profits, invest in Uganda and give us jobs”, he stressed.


President Museveni pointed out that the tourism sector is very attractive because of the unique climate of Uganda which is on the equator but with constant ice on its mountains.


He explained that there are only three countries in the world that have a similar climate.


In Uganda, Mr Museveni explained, “we do not need air conditioning systems because of our unique climate.”


The President explained that although Uganda has a population of 35 million people, it is also a member of the East African Community which comprises of five member countries with a total population of 139 million people.


He said that Uganda is also a member of SADC and PTA economic blocs whose total population is bigger. He added that that there is also the African market.


“We also have the European, American, Chinese, Indian and Japanese markets that African countries access tax free and quota free”, the President said.


President Museveni thanked the South Korean business community for organizing the dinner and urged them to visit Uganda to see its potential.


President Museveni also visited an agricultural institute known as the Korea Project on International Agriculture.


The Institute, according to its latest documentations, has its objectives inclusive of cooperative projects, workshops and training with scientists from partner states.


Selection of projects is undertaken by the partner state depending on a partner’s local needs.


President Museveni told the Director, Mr. Kwon Taek Ryoum that Uganda has a similar research institution through NARO. He explained that a lot of research has been undertaken by Ugandan scholars.


Among the discoveries, President Museveni said that Ugandans have discovered more coffee yielding varieties, cassava resistant crops, and banana and coffee resistant varieties to weed and much scientific achievement.


He welcomed the idea of the institution working with Ugandan scientists. It was disclosed during the meeting that a team from the Korean Institute will visit Uganda next month to find ways of cooperation.


Mr. Museveni also visited the headquarters of Samsung, a South Korean giant in electronics. Its President, Don-Joo Lee, told the President the history of the company, its major challenges and achievements.


President Museveni toured its departments and urged the managers and staff to work with Ugandan institutions that are making advances and important scientific discoveries like Makerere University.

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