President Museveni has embarked down to business already after swearing in officially for his sixth official term. In a meeting held at State House Entebbe, the president met American singer Akon and his entourage who are seeking investment opportunities in Uganda.
President Museveni is well known at enticing foreign investors and this was the case while addressing this delegation. He assured them of a sound environment that will enable their investments to run smoothly.
Akon and his wife Rozina Negusei have been common appearances in the country since the start of this year. Akon who was on his second visit to Uganda this year has plans of building a futuristic city in the country by the year 2036. He was even gifted one SQ mile of land to kickstart his project.
The singer came with a group of 16 American celebrities in their respective industries that accompanied him. Mr. Museveni went ahead to assure the group of a sure profitable business environment in Uganda. The president assured them that the excellent investment environment brought about by the prevailing peace would ensure the investments prosper.
The President was flanked by first lady Janet Kataha Museveni. In attendance also was Lands Minister Beti Kamya, State Minister for Investment Evelyne Anite, and State Minister for Culture Peace Mutuzo.
Museveni further assured the Entourage that ” Uganda is the right investment destination and boasts of a skilled, but affordable labour force. There is a large market from the East African region, Africa, the American market through the African Growth and Opportunity Act (AGOA) – a legal framework for selected countries to export to the US tariff and quota-free.”
The president also assured Akon’s group of investors that free markets in Europe and China are easily accessible from Uganda.
The first lady was also able to address the guests and thanked them for choosing to visit Uganda. She said that despite negative publicity out in foreign media especially created by the opposition, they still chose to come.
Janet in her address requested the investors to take a keen interest in investing in sports. This is because Uganda has one of the youngest populations in the world that is untapped.
Mr. Museveni went ahead to hand task this group investors to do more research and study about Africa, their motherland. “You need to study Africa your homeland closely and understand the causes of its under-development. Africa is the origin of man, pioneers of civilisation, a host of traditional religions and has more natural resources than any other continent in the world, but is the most underdeveloped of all continents,” the President noted.
He also went ahead to tell his guests some of the reasons causing underdevelopment in Africa. Museveni said these can be attributed to numerous factors including foreign interference through slave trade and colonialism. He also added that having a small population in a large continent also contributed to its underdevelopment.
He finalized by promising them government is working on reducing the cost of power and transportation to lower the cost of doing business in the country.
These investors are looking to invest in the fields of education, health, music and recreation, housing, banking, manufacturing and tourism, and hospitality.