“Business Opportunities Are Abundant In Uganda”
President Yoweri Museveni has said that Uganda offers abundant business opportunities as well as the African continent in general.
The President was speaking at the official opening of the Society for Worldwide Inter-bank Financial Transactions (SWIFT) regional conference Tuesday at Kampala Serena Hotel.
The conference is running under the theme of “Fostering African Growth and Integration for International Expansion.” SWIFT is headquartered in Belgium.
Museveni told the delegates that Uganda in particular and Africa in general are the places to be. He noted that demand in Africa is growing and pointed out that the demand had initially been low. He said that in order for money to be transferred, it must be available.
He, therefore, urged them to take interest in the demand for various products and services. He noted that other areas that need to be attended to are the manufacturing sector, agricultural goods and services.
He said pointed out that other factors that need attention are raw materials to produce the various products.
Museveni said that for any development process to be tangible there must be entrepreneurs who can spearhead the production process.
The President also told the delegates that infrastructure, such as roads, railway, electricity and Information Communication Technology (ICT) are crucial for practically all the products.
He noted that if policy framework is wrong, it can disorganize the other production factors. He told the gathering that skilled labour and capital are a necessity in the production process.
He was happy to note that the current literacy rate in the country is about 74%. He said that although the work force is not as skilled as it should be, the country nevertheless has registered progress. He revealed that the Government has always laid emphasis on training in technical subjects.
Museveni said Uganda was the first to liberalize its economy in Africa adding that the National Resistance Movement (NRM) Government, upon taking over political power in 1986, returned properties that had been confiscated by the Amin regime, to their owners.
He stressed those owners that returned and took possession of their properties, have since invested in various sectors of the national economy.
He, therefore, urged them to attract more investors to Uganda to tap into the various business opportunities that the country offers. He also advised them to attract more investors with capital into the sectors of infrastructure and manufacturing of various products.
The Governor of Bank of Uganda, Professor Emmanuel Tumusiime Mutebile said regional integration of capital markets is a good fulcrum that allows local investors to diversify their portfolios. He said he looks forward to the transformation of payment system.
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Updated on 2013-05-09 09:25
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