President Yoweri Kaguta Museveni has called urged Western investors to stop importing raw materials from Africa and fully support the countries by buying finished products.
While meeting the Ugandan Ambassador to Belgium Mirjam Blaak, Netherlands, Luxembourg Ambassador, and the European Union (EU) at the State House in Entebbe, the President said unprocessed products like coffee can register bigger profits in Africa if only investors opened companies in Africa States to ensure finished products come from the continent .
“Why do you buy unprocessed coffee from Africa? why don’t you bring your own companies to invest in Africa so that Africa gets more money from that coffee? In that case, we shall have bigger global prosperity because if Africa has got more money in their pockets, they will buy more from Europe,” the President said
He called on western allies like Russia and China to take the lead because they share mutual interests.
“I am proposing to the Russians and the Chinese that; if you say that you are our friends as we have been with you when we’re fighting against the imperialists, stop importing raw materials from Africa. Encourage your companies to locate in Africa and buy finished products” Museveni said
According to
Museveni stressed that if big coffee growers in less developed countries get 460 billion dollars from coffee exports, even Europe will benefit because Africa will be buying more from there.
There has been a dramatic rise in Uganda’s coffee export revenues – it exported 6.26m 60kg bags earning $862.28m in 2022 compared to $559.16m in the previous year.
Uganda’s coffee exports in June 2023 amounted to 563,832 60-kilo bags, worth US$ 90.56 million (Shs330.5bn), Uganda Coffee Development Authority (UCDA)’s monthly report for June 2023, indicates.