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.
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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.
Museveni further requested the Japanese Foreign Affairs Minister to get companies that can make car batteries because Uganda has got Lithium.
“We are already manufacturing electric cars, but we need car batteries.”
In response, the Foreign Affairs Minister reiterated their desire to strengthen the bilateral relations with Uganda.
He said Japan as the G7 presidency attaches great importance to listening directly to the voice of Africa.
Hayashi pledged to continue to support Uganda in the Health sector and also informed the President that Japanese companies are getting increasingly interested in Ugandan companies especially startups and assured that they will help them grow and become bigger businesses.
He also pledged to look into the president’s request of getting him companies that can produce car batteries.
The meeting was also attended by the Japanese Ambassador to Uganda Hidemoto Fukuzawa, Gen Jeje Odongo, Uganda’s Foreign Minister, Gen. Katumba Wamala, the minister of works and transport and the Attorney General, Kiryowa Kiwanuka.
