President Museveni has urged Ugandans living in the Diaspora to invest back home and take advantage of not only the domestic market but also the huge African market of 1.3 billion people.
“I wish to appeal to the Ugandan Diaspora to invest at home; and to use your contacts abroad to attract and encourage more investments in Uganda,” he said.
Museveni urged the Ugandan diaspora to prioritize their country since most most of their relatives reside here.
“Increased investments mean more jobs and incomes for your brothers and sisters in Uganda; and enhanced revenues for your government, to provide quality social services”, he said in his speech delivered by the Vice President Jessica Alupo during the Ugandan Diaspora Convention, 2024, at Speke resort Munyonyo.
He told the convention that all the conditions for a favourable investment climate are in place including: peace, security and stability are guaranteed; the physical infrastructure that is essential for lowering costs of doing business but most importantly the market.
“The Ugandan market of 45 million people is available, the East African market of over 300 million people and the huge African market of 1.3 billion people. Therefore, returns on investment are guaranteed,” the son of Mzee Amos Kaguta said.
Museveni observed the need for every Ugandan in the diaspora to be Uganda’s ambassador by representing the country’s interests in a reputable manner. He also urged them to make use of their stay abroad to earn and save money that will be invested in Uganda.
About tourism, the president appealed to the Ugandan diaspora to create awareness about Uganda’s unique climate, as well as flora and fauna.
He cited tourist destinations, such as National Parks including Queen Elizabeth, Bwindi Impenetrable Forests – a world destination for Mountain Gorilla trekking, Murchison Falls, Sipi Falls, Kidepo National Park and Mountains such as Mt. Elgon, the Rwenzori ranges, stunning landscapes, water bodies, rich cultures among others.
Museveni emphasized that the diaspora will continue to be government’s strategic allies in transforming Uganda.
“Although we appreciate the role played by our development partners, Ugandans must be the major players in the development of their Country. Countries, all over the world, are basically developed by their own citizens; and Uganda cannot be an exception” he noted.
He applauded Ugandans in the Diaspora for doing so well; adding that their savings should be invested here, before we begin to look for foreign investors.
“Ugandans must, therefore, rely on their own efforts to generate capital for investment. Ugandans, in the diaspora, are well placed to become the source of this capital”, the president said.
He added that as a country they expect the Ugandan Diaspora to bring here capital, entrepreneurship and knowledge.
He stressed that according to Economists, the production process involves five factors: land (i.e. natural resources), labour, capital, entrepreneurship and knowledge adding that Uganda has always had an abundant supply of labour and land.
However, according to president Museveni, the country has been short on the other three factors of: capital, entrepreneurship and knowledge.
He said if members of the Diaspora are able to bring these three factors, they will have made a significant contribution to the development of Uganda.
“Without capital, entrepreneurship and knowledge, Uganda’s land and labour resources will stay as they have been since before the time of Jesus. We need people with capital and the entrepreneurial insight to see opportunities in Uganda”, Museveni said.
He informed the convention that there are investment opportunities in the four sectors of: commercial agriculture, industries, services and ICT.
Meanwhile, Minister for Foreign Affairs Gen. Jeje Odongo explained that the Uganda diaspora convention 2024 is an opportunity to appraise the Diaspora of the steps that are being taken by Government to transform Uganda. He added that the convention is also an opportunity to tap into their (Ugandan diaspora) resourcefulness and potential to increase opportunities for investment and trade.
He urged the diaspora people to put their savings in bigger scale investments as it will not only yield better returns but also contribute to a wider national development.
The General from Orungo in Amuria district told the convention that as a ministry, they have participated in many diaspora activities in various countries like UK, South Africa, Canada, USA among others, adding that his ministry intends to make this convention an annual engagement.
He asked the diaspora people to actively get involved in the subsequent conventions.
He paid special tribute to some of the Ugandan diaspora people who have so far invested their savings back home saying the country has already benefited from their efforts by creating employment for their brothers and sisters.
