Museveni applauds private businesses
President Yoweri Museveni has applauded Ugandans for being the backbone of industrialisation in their own country and thrived at it. Museveni while speaking at Sheraton’s 50th anniversary said Ugandans have moved on from growing local crops for subsistence farming to private businesses.
Uganda’s hospitality sector has grown over time to contributing 3.7% to the total GDP by 2015. Opened in 1967, Sheraton Hotel is one of the pioneers in the industry employing thousands of Ugandans directly and indirectly earning $140m annually.
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Using Sheraton Hotel as an example, President Museveni applauded Ugandans for having supported the sector together with industrialization.
“Africans used to grow coffee, bananas, sweet potatoes but now they are more into private businesses. I congratulate them” He said.
Museveni says the transfiguration of local private investors and foreign investors is what has upheld the country’s journey towards attaining a middle income status
“The combination of external and metamorphosis of internal factors will push Uganda forward and far” Museveni added yesterday while officiating over Sheraton’s 50th anniversary.
Even with this development in the hospitality sector, slow infrastructural development such as airports, visa restrictions and insecurity remain major challenges for visitors in Uganda, hindering investments.
