President Museveni has stressed the imperative for African nations to transition from economies centered around raw material exports to embracing industrialization as a means to achieve meaningful socio-economic transformation.
During a meeting with the Presidential CEO Forum, led by Vice Chairman Emmanuel Katongole, Museveni stated that countries facing economic challenges often trace their troubles back to a lack of growth, largely stemming from an overreliance on exporting raw materials. He pointed out the potential benefits and job creation that come with processing raw materials domestically.
“When you hear that all these countries are collapsing because they can’t maintain security, it’s because the economy is not growing, why? Because they export raw materials,” President Museveni asserted
Museveni cited the missed opportunity for Uganda in the lucrative global textile industry, valued at $800 million. He attributed this loss to the country’s practice of exporting unprocessed cotton, which he claimed only creates seven job levels.
“Protection of local industries; that one must be done, and we need to start with other E.African countries to promote the local industries by putting taxes on the imported final products and at some stage some intermediate products because all these can be produced here,” he added
The President took the opportunity to call on the private sector, represented by the Presidential CEO Forum, to play a pivotal role in the fight against corruption.
Museveni asserted that corruption within government ranks is impeding local investment in Uganda. He urged the business community to actively collaborate with the government to address this issue, emphasizing the importance of curbing corrupt practices that hinder economic progress.
“I’m glad that this forum is coming up. Let’s help ourselves with corruption because there are a lot of government people asking for bribes from investors. They are delaying investment,” He said
Emmanuel Katongole, in his briefing to the President, outlined notable milestones from the forum since its inception in 2021, including reforms supporting local businesses, the approval of 51 joint ventures in Uganda’s oil and gas sector, agreements with logistics companies for intra-East African trade facilitation, and securing a $217 million grant from the World Bank to bolster women’s enterprises in Uganda.
The Presidential CEO Forum, initiated by President Museveni and serves as a vital link between private sector leaders, corporate CEOs, and government executives.
Key government officials, including the Minister of Finance, Planning, and Economic Development Matia Kasaija, the Minister of Trade, Industry, and Cooperatives Francis Mwebesa, and the Minister of Energy and Mineral Development Ruth Nankabirwa, were present at the meeting.