Museveni woos South African investors

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President Museveni has appealed to South African investors to take advantage of Uganda’s economic potential.

Museveni, who made the remarks during the closure of the Uganda-South Africa Trade and Investment Summit held at Speke Resort Munyonyo recently, said that the investor’s business involvement in Uganda will be beneficial to both Uganda and South Africa.

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“When South Africa got freedom, I met Mzee Mandela, and I suggested that we work together with South Africa because it had some capacity at that time for more investors and some capital, and I wanted to take advantage of them, and they also took advantage of us to build a strong economy for Africa. That is how I proposed to Mzee Mandela that we start a wide-body joint airline, but it didn’t continue due to some challenges,” Museveni said.

Museveni pointed out at the summit that the business partnership between Uganda and South Africa is an opportunity for Ugandan businesses to realize their maximum potential. He requested that the South African companies operating in Uganda, like MTN and Stanbic Bank, join the government’s efforts to help all Ugandans join the money economy in order to achieve the desired socio-economic transformation.

“You have heard that until recently, 68% of the population was out of the money economy. We had to bring in the army to distribute coffee seedlings for these people to join the money economy by growing coffee. Now the figures for those outside the money economy are 39%, and we want everybody to join the money economy. If all these join the money economy, will it not benefit the telecom industry? If all these people join the money economy, won’t they have more money in the bank?” he inquired.

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