Save to Invest in Uganda, Museveni Urges Diasporans

President Yoweri Museveni has urged Ugandans in the diaspora to adopt a saving culture that will enable them invest in their country as joint shareholders.

“Accumulate your savings so that in the near future you come and invest back home in light industries like packaging, shoe making, fruit juice processing, food processing, textiles, assembling electric equipment like computers and radios, scholastic and simple medical materials, cotton gauze as well as furniture,” he said.

Museveni wondered why the country at this point in time is still importing furniture from Asia and said it was not correct at all.

He, therefore, called on what he referred to as big investors to zero in on large investments like steel milling.

He noted that as of now the balance of trade between Uganda and China is heavily skewed in favour of China.

He said that this poses a big challenge.

The President expressed his views during a meeting he held yesterday with a delegation of some members of the Uganda North America Association (UNAA) who called on him at State House, Entebbe.

Founded in 1988, the UNAA’s objectives include the promotion of social, cultural and economic advancement of the Ugandan Community in North America (United States of America and Canada) numbering about 120,000 individuals.

The President of the Uganda North America Association, Mr. Monday Atigo, said that Ugandans who live and work in North America are willing to venture into raising US$50 million out their savings and individual subscriptions to invest back home in Uganda.

“With this idea, we are ready to roll out to other countries like Canada, UK”, the UNAA President said.

The Uganda North America Association members are slated to host a convention in USA to elect office bearers in early September this year.


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