Business

Uganda: Museveni Woos Japanese Companies to Invest in Value Addition for Ugandan Products


President Museveni has received the Foreign Affairs Minister of Japan, Hayashi Yoshimasa with his delegation at State house, Entebbe.

The discussion centered on how Japan can support Uganda specifically on value addition, by encouraging Japanese investors to set up in Uganda, as opposed to importing raw materials which keeps Africa and Uganda stunted despite having natural deposits capable of catapulting the economies.

Museveni told the Foreign Affairs Minister that the economy of the whole of Africa is $2.7 trillion which is smaller than the GDP of Japan, Germany, and India.

He said that in the case of Uganda, some of the population is still outside the money economy.

“Africa is very deceptive because you can live without money as long as you eat, if it is merely survival,” he said.

Museveni further informed the visiting Foreign Affairs Minister that until 2013, only 32 per cent of Ugandans were in the money economy, adding that with government interventions, they have doubled the figure but presented the government with another hurdle that those who are in the money economy are dealing in raw materials.

“We are therefore undergoing what is called perennial hemorrhage and it’s responsible for Africa’s stunting due to our bankrupt planners, coupled with external parasites who manipulate, interfere politically, and work with traitors to retard Africa,” Museveni said.

He urged Japanese manufacturing companies to take interest in Uganda and add value to the country’s products like coffee.