President Museveni has called for increased global investment to accelerate Uganda’s transformation into a first-world economy.
He emphasised the country’s vast natural resources, strategic location, and commitment to infrastructure development.
In a statement, Museveni outlined Uganda’s progress from a subsistence-based economy to a growing industrial and knowledge-driven economy, projecting significant growth in the coming years.
Museveni highlighted Uganda’s economic evolution from a colonial-era enclave economy, which focused on coffee, cotton, and copper, to a diversified one.
He emphasised the government's phased approach, including restoring traditional industries, expanding agriculture, adding value to raw materials, and investing in knowledge-based sectors such as automobile manufacturing and vaccine production.
Since 1986, Uganda’s economy has grown from USD 4 billion to USD 55 billion by the foreign exchange method or USD 168.5 billion by the purchasing power parity (PPP) method.
Museveni underscored the potential for further growth, targeting an economy of USD 500 billion through value addition to agricultural and mineral resources.
The President cited significant investments in electricity, roads, schools, and healthcare as critical drivers of economic growth.
He pointed out Uganda’s strategic advantage as part of the East African Community, with a market of 300 million people, and the larger African Continental Free Trade Area (CFTA), which encompasses 1.4 billion people.
“Uganda’s internal market of 46 million people is not enough for large-scale production. However, the East African, COMESA, and African markets provide a lucrative opportunity for sustained economic growth,” Museveni said.
Calling on global investors, Museveni outlined Uganda’s priority sectors, including value addition to agricultural raw materials (coffee, bananas, fish, and dairy) and minerals (gold, iron ore, and petroleum).
He noted that Uganda’s internal rate of return (IRR) on investment stands at 14.1%, making it an attractive destination for businesses.
“The population of Africa will grow to 2.5 billion in the next 25 years. By investing in Uganda, you tap into this vast and expanding market,” he stated.
Museveni acknowledged historical challenges, including the colonial legacy and global inequities, but expressed confidence in Africa’s rise.
He called for equitable global partnerships and criticised exploitative practices that hinder collective prosperity.
“Africa, with its vast resources and young population, is poised to lead future global prosperity. We believe in win-win solutions to human challenges,” he added.
The President reaffirmed Uganda’s commitment to transforming into a high-middle-income country, driven by industrialisation, agriculture, services, and ICT.
He urged investors to partner with Uganda in unlocking its potential, ensuring mutual benefits for all stakeholders.
“Africa’s growth is now unstoppable. Future leadership in prosperity belongs to Africa without a doubt, as long as we act right,” Museveni said.