Uganda Eyes $500Bn Economy As Museveni Woos Investors
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| President Museveni in Abu Dhabi giving speech . |
Kampala, Uganda - President Yoweri Kaguta Museveni has revealed Uganda's ambitious plans to transform its economy and become a first-world country. Speaking in Abu Dhabi, Museveni highlighted the country's strategic location within the East African Community, which boasts a combined population of 300 million people, and the Continental Free Trade Area of Africa, with an amazing 1.4 billion people.
Museveni acknowledged Uganda's agitated past, citing the country's limited direct linkages with outsiders until 1900. The traditional African economy was based on subsistence agriculture, with artisan skills like blacksmithing, carpentry, and ceramics. However, the 70-year British colonial rule created a small enclave economy focused on coffee, cotton, copper, tea, tobacco, and tourism.
The president noted that only 9% of homesteads were part of this small money economy by the time Uganda gained independence in 1962. The country then faced a period of crisis, worsen by the expulsion of the Asian community, which had been a crucial part of the entrepreneurial class.
Since 1986, Uganda has undergone five phases of economic development, including reviving the 3Cs and 3Ts, expanding the economy, diversifying products, adding value to raw materials, and entering the knowledge economy. Museveni emphasized the importance of infrastructure, a skilled and healthy population, and peace in achieving these goals.
The president proudly announced that Uganda's economy has grown from a mere $4 billion in 1986 to $55 billion today, with plans to reach $500 billion in the coming years. He invited investors to partner with Uganda, highlighting the country's attractive 14.1% internal rate of return.
Museveni concluded by emphasizing Africa's vast potential, citing the continent's rapid growth, vast natural resources, and growing market. With a projected population of 2.5 billion people in the next 25 years, Africa is poised to become a global economic powerhouse.
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