President Yoweri Museveni has urged manufacturers of electricals to come and invest in Uganda to grow Uganda’s economy.
In his speech read by Prime Minister Robinah Nabanja Museveni said Uganda offers very diverse opportunities in all sectors and it is only those that tap into them that have reaped and can testify to the resourcefulness of our investment packages.
“We are pleased to witness the growth and expansion of CHINT over the years and like I always say, CHINT is not Chinese Company but a Ugandan Company that is bringing in revenue to build the Ugandan economy. I wish to encourage all the stakeholders in Electrical appliance assembly and manufacturing to continue investing in Uganda because the future of economic growth and resilience is very bright in Uganda and East Africa,”Museveni said
“We welcome mutual and non-parasitic collaboration with everyone. Uganda’s priorities and interests are very clear; and, therefore, our allies must respect and uphold them, in all their dealings with us.,”Museveni stated
He commended all stakeholders for raising the banner of development by establishing Chint electrical centre in Uganda.
“I appreciate the Managing Director for Chint Electrical Centre Uganda Limited, Ms. Shi Jiane Namutebi and all the partners and stakeholders in this company, for being steadfast and visionary. I thank Ms Shi Jiane for being a faithful “ambassador” and torch bearer for many of our Chinese brothers and sisters. Your existence in Uganda for now 20 years is a testimony of the great investment destination Uganda is,”Museveni emphasized.
The president said that the overall objective of NRM Government has been to achieve socio-economic transformation by increasing private sector entrepreneurship and building a resilient and sustainable economy and attracting such investments that create jobs for, especially, our bazukulu.
He further noted that NRM Government overriding growth strategy is, therefore, dependent on facilitating the private sector in ensuring it makes investment for employment and economic growth.
“The important milestones which have been established since the NRM came to power in 1986, such as decentralized governance and local development, have been largely due to the peace and political stability as well as the prudent macro-economic policies that we introduced,”Museveni stressed.
He assured chint investor that Uganda’s will remain strong and resilient adding that Uganda was recently ranked seventh, by the International Monetary Fund (IMF), among the fastest growing economies in the World.
The size of our economy is projected at Shs. 224.9 trillion (equivalent to USD 60.4 billion), by mid this year. In 1986, the economy was only Shs. 42.6 billion or USD 3.92 billion. This means that, in dollar terms, the size of Uganda’s economy has expanded nearly 15 times. It is further projected to grow at 7.0 percent in the financial year 2025/26. It is projected to grow faster when commercial production of oil and gas starts.
The resilience witnessed over time for example during the global economic crisis in 2008 that crippled various European and African economies and the Covid 19 Pandemic speaks loud to all investors, that with Uganda, you can never go wrong,
Our policies have already been tried and tested. The African Integration we are advocating for will even make it brighter with better negotiation for bigger markets and expansion of trade beyond our boundaries.