Museveni tips youths on lucrative investment areas
President Yoweri Museveni has tipped young entrepreneurs on lucrative areas in which their investment would yield a return faster than others.
While addressing the Youth Business Forum and Expo at Kololo Independence ground on Tuesday, Museveni stressed that investment in textiles, food , security, medicine are crucial as their demand is high.
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He said investment in these areas would guarantee returns.
“Assess the demand of the products you want to develop and go for those whose demand is high and will never stop. First , food is a basic need , with investment in food processing and storage , you will never get it wrong,” Museveni said.
“Textiles are the other area to invest in. Do you know the global demand for textiles? It is high. Real is another area estate because people cannot live without shelter .Security and medicine are the others . Look at India with its pathogenic economy. It is booming. Markets for these are available in the EAC , and the African Continental Free trade Area.”
Museveni promised to meet the youth leaders to discuss an appropriate funding model to their businesses
The youth population in Uganda is high according to the Uganda Bureau of Statistics and these youths have not only stopped at holding aspirations of becoming millionaires and billionaires , but have also started businesses.
Unfortunately, three out of the seven businesses started live on to see their first birthday due to a number of reasons
Benard Odoi , a youth MP said , “The biggest challenge is access to affordable financing for youth businesses to allow them scale .”
However, there is still some light at the end of the tunnel.
Douglas Lwanga , a media personality with Next Media encouraged the youths to hustle their way up.
We call it “Kupambana” in the streets . I am one of those youths that have tried everything possible to make it to where I am. Networks are important and use every opportunity to get contacts of the VIPs here,” Lwanga said.
The Youth Parliamentary Forum highlighted the pain points of the youth doing business
Phiona Nyamutooro the National Youth Representative said that a bill to help the youths access financing to their startups is being finalized , and requested the president to look at the available financing options provided by government re work them and tailor them to the youth in business needs.
Jan Sadek , the EU Ambassador to Uganda said that the EU in conjunction with GIZ will soon announce a new project that targets youth .
“ You are not alone , youths elsewhere in the world are equally working so hard to make it,” Sadek said.
