President Yoweri Museveni has said that Africa has got a huge market potential and purchasing power that the Chinese entrepreneurs have taken advantage of by investing and doing business with Africa.
He, however, observed that the Western business groups that have capital have not yet participated in tapping into the huge business opportunities that the African continent offers.
The President was meeting with a team led by American Senator James F. Clayborn who called on him yesterday at State House Entebbe.
“If you cannot see Africa as a huge market, you cannot be investor. The Chinese see it and that is why they have invested a lot in Africa,” he said.
Mr. Museveni enumerated Chinese-led investments in Uganda as the establishment of the fertilizer, steel and glass factory in Tororo District, among others.
The President, therefore, urged Senator James Clayborn and other American entrepreneurs to come and invest in the economic development of Uganda in particular and Africa in general. He advised Senator Clayborn to undertake investing in Uganda in the areas of agro-processing, battery manufacturing, mineral processing, papermaking, tourism, food processing, pharmaceuticals, industrial grade starch and electrical appliances, among others.
He informed his visitors that Uganda has got so many investment opportunities with higher financial returns on investments.
Senator James Clayborn assured the President of their plans to invest to look into the possibilities of playing a role by in the economic development of Uganda.
Mr. Derrick C. Samuel, who is President and Chief Executive Officer of the Leadership Institute in America, informed Mr. Museveni that they would undertake starting up small and medium business ventures to benefit Ugandan youth to make young people root for better life.