President Yoweri Museveni has urged politicians and public servants in Uganda not to hinder investors, emphasizing their importance in the country’s economic growth.
He made this statement during the inauguration of a new Tororo Cement factory. Museveni encouraged quick support for investors, as they can contribute significantly to Uganda’s development.
“My appeal to Ugandans, especially politicians and public servants, is to understand the role of industrialization and investors; don’t waste their time. Once the investors are welcomed and supported, they will contribute a lot to the development of Uganda.” he emphasized
Museveni commended Hasmukh Kanji Patel, the Chairman of Tororo Cement Ltd, for their substantial contribution to Uganda’s economy.
“You have heard what this factory is doing creating 1500 jobs directly and 8000 indirectly, contribution to the economy 1.3 trillion shillings, tax 250 billion because although this factory is owned by an Indian from Kenya, it contributes to our GDP. Ugandans should stop saying Indian factory, no this is not an Indian factory, these factories here are Ugandan factories regardless of who has built them.” He said
He stressed that regardless of ownership, these industries are now part of Uganda’s economic output (Gross Domestic Product, GDP).
“GDP is different from Gross National Product (GNP) which traces the wealth owned by citizens but all these powerful countries in the world are powerful because of bigger GDPs for example the GDP of the United States is 25 Trillion US dollars and much of that GDP is owned by Japanese, Arabs and so on but it gives the power to the USA not to the countries of origin of the investors because this tax money is not going to India but coming to us,” he explained
The President also pledged government support for electricity distribution and mining rights for Tororo Cement Ltd. He emphasized the need for Uganda to catch up with global development and identified agriculture, industries, services, and information technology as key sectors for growth.
The First Lady, Janet Museveni, thanked Tororo Cement Ltd for investing in Uganda’s development and community projects. Finance Minister Matia Kasaija praised the company for creating jobs.
Chairman Patel expressed gratitude to President Museveni for his support, highlighting their investment in advanced technology and plans for future expansion.
The event was attended by various government officials and dignitaries.
Comments are closed.