Business

Museveni: Access to International Markets to Spur Local Production

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seek http://clearskinconcierge.com/acne/wp-includes/widgets/class-wp-nav-menu-widget.php geneva; font-size: small; line-height: 150%;”>Museveni said while adequate exploitation of natural resources is critical for a country’s growth, it is important to secure an international market to facilitate large scale production which in turn creates employment opportunities for locals.


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“Most important of all, when you produce a product, somebody must buy it, otherwise you ran bankrupt,” said Museveni.


“This is not a new order in the world. We saw it in Europe, in 1929, when the economy collapsed because the buyers were few. There was over-production and under-consumption. We saw the same problem recently in Europe; people could not buy.”


Museveni made the remarks on Friday while attending the Uganda Responsible Investment Awards (URI 2014) event that was organized at the Imperial Royale Hotel in Kampala.


The President, who was awarded the most inspiring, admired and patriotic political investor of Uganda since Independence, identified such sectors as security, prosperity, infrastructure, skilled and healthy labour force and entrepreneurial skills promotion as being key among others that have been emphasized as the most crucial in a modern society.


He said that the NRM government has managed to work on issues of market integration. He gave the example of the East African Community (EAC) and the Common Market for Eastern and Southern Africa (COMESA) adding that the aim now is for market integration of the whole of the African continent.


He noted that the embracing of regional economic groupings have no doubt helped Uganda in particular and other member countries have bargaining power internationally.


“The population in Uganda is growing. We are 37 million now, but this population is not enough to sustain large scale production,” said Museveni.


“In Runyankole, we have a saying; Ija turye biri eine ekyakurebireho (A person who invites you to dinner wants something from you). By integrating the African market, we are preparing ourselves to bargain with the other big markets in the world; China, European Union, Russia, USA, Brazil, Latin America, on a reciprocal arrangement,” said the President.


He pointed out some of the countries that have given market access even today; US through AGOA have allowed 6000 products quota-free, China 440 products, India had allowed everything but have never implemented, the European Union everything but arms.

“We have been working in a multi-pronged way; integrate Africa’s market but also negotiate access outside Africa.”


The President commended the organizers of the Uganda Responsible Investment Awards Event for the good work they are doing in identifying the best performers saying that this will encourage others to do the same.

He encouraged more investors especially in the area of processing, to come to Uganda and participate in the efforts of Ugandans to transform the country.

Prime Minister, Mr. Amama Mbabazi commended the organizers for their efforts. He noted that the initiative will encourage more investment and facilitate social economic transformation in the country.

Numerous individuals and companies received a diversity of awards for their contributions to the development of Uganda.


They included Uganda People’s Defence Forces (UPDF) who were cited for being the best government institution of the year, the Bank of Baroda which scooped the best financing institution of the year, the Uganda National Roads Authority, Mega Industries, Bemuga Clearing and Forwarding Company and Operation Wealth Creation Commander Gen Salim Saleh who was voted the most admired and development oriented NRA/NRM Bush war hero.

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