Uganda, India can support each other’s prosperity - Museveni

President Museveni has said the economies of both Uganda and India stand a great chance of flourishing due to the cordial relationship between the two countries.

Speaking at the Uganda- India business forum which was also attended by the Indian Prime Minister, Narendra Modi at Serena hotel in Kampala on Wednesday, Museveni said India can use its big purchasing power to support Uganda and vice versa.

“Business is about money and money means I buy what you produce and you buy what I produce.

In so doing you are supporting my prosperity and I am supporting yours,”Museveni said.

“India can use its purchasing power to support us as we also support Indian businessmen.”

He said that in the past, Uganda was importing more Indian goods than the Asian country was doing to Ugandan products but said due to the cordial relationship between the two countries, trade between the two countries can be boasted.

Museveni cited an example of the capitalism which he said had collapsed in 1929 because its masterminds were only focused on making profits and put little or no attention to the purchasing power of various economies.

“You can increase our purchasing power by making investments here in Uganda so we can produce for the Ugandan market, the East African Market, the African market, the global market and back home in India,” he said.

Museveni told Indian businessmen that the Ugandan market is about 40 million people, East Africa, 170 million and that Africa will be 2.5 billion people by 2050, a thing he said they can always tap into for everyone to benefit.

He assured them that by investing in Uganda, they are assured of profits as well as helping Uganda’s economy to grow.

“You know Ugandans buy everything including human hair. Therefore you are in the right place at the right time,”Museveni urged.

The Indian Prime Minister, Modi said his country is ready to help Ugandan youth innovators to drive the economy to prosperity citing India where youth innovators are at the fore front of spurring economic development.

He however urged Ugandan businessmen to always add value to goods before selling them so as to attract a higher price.

“We shall send machines that help in manufacturing of goods sellable to India but as Uganda buys machines to add value onto goods, India is ready to buy your finished products,”Modi assured.

The Indian premier said that his country is ready to support Uganda in terms of agricultural, human resource development, ICT and other areas so as to lift the economy.