Summary:
- President Museveni urged the diaspora to prioritize Uganda, where most of their relatives reside, highlighting that increased investments would create jobs, boost incomes, and enhance government revenues to support quality social services.
KAMPALA: President Yoweri Museveni has once again called on Ugandans living abroad to invest in their home country, emphasizing the opportunities available in the domestic and wider African market, which boasts 1.3 billion people.
“I wish to appeal to the Ugandan Diaspora to invest at home and use your contacts abroad to attract and encourage more investments in Uganda,” President Museveni said in a speech delivered by Vice President Maj. (Rtd) Jessica Alupo during the 2024 Ugandan Diaspora Convention at Speke Resort Munyonyo on Wednesday.
President Museveni urged the diaspora to prioritize Uganda, where most of their relatives reside, highlighting that increased investments would create jobs, boost incomes, and enhance government revenues to support quality social services.
“All the conditions for a favorable investment climate are in place,” he assured, citing peace, security, stability, and critical physical infrastructure necessary to lower the cost of doing business. He added, “The Ugandan market of 45 million people, the East African market of over 300 million, and the African market of 1.3 billion people guarantee returns on investment.”
The President called on Ugandans abroad to act as ambassadors for their country, representing its interests and leveraging their stay abroad to earn and save money for investment back home.
He urged them to promote Uganda’s unique climate, rich flora and fauna, and diverse tourist attractions, including national parks such as Queen Elizabeth, Bwindi Impenetrable Forest, Murchison Falls, and Kidepo Valley, as well as iconic sites like the Rwenzori Mountains and Sipi Falls.
“Although we appreciate the role of our development partners, Ugandans must be the major players in the development of their country,” Museveni said, emphasizing that citizens have been the driving force behind development worldwide.
President Museveni noted that Uganda has always had an abundance of land and labor but has lacked capital, entrepreneurship, and knowledge. He encouraged the diaspora to bridge this gap by bringing these factors to Uganda.
“Without capital, entrepreneurship, and knowledge, Uganda’s land and labor resources will remain underutilized,” Museveni said.
He highlighted investment opportunities in commercial agriculture, industries, services, and ICT, and reiterated NRM’s commitment to helping all Ugandans transition from subsistence farming to the money economy.
He explained that when NRM took power in 1986, over 90% of Ugandans were engaged in subsistence agriculture. Thanks to government efforts, this figure has reduced to 37%, but the goal remains to integrate all Ugandans into the money economy.
President Museveni stressed that NRM’s focus on ensuring peace, stability, and infrastructure development has created a conducive environment for investment.
“Without peace and stability, individuals, families, and companies cannot produce goods and services,” he said.
The President also acknowledged the contribution of Ugandans in the diaspora who have already invested in their home country, creating jobs and boosting development.
Foreign Affairs Minister Gen. JJ Odongo highlighted the significance of the Uganda Diaspora Convention, describing it as an opportunity to engage the diaspora on the government’s development efforts and to tap into their potential for trade and investment.
He encouraged the diaspora to pool their savings into large-scale investments for better returns and greater national impact.
Odongo also revealed that his ministry plans to make the convention an annual event to strengthen ties with the diaspora and increase their participation in national development.
Minister Odongo paid tribute to Ugandans in the diaspora who have already invested at home, acknowledging their efforts in creating employment and contributing to the country’s progress.
