Uganda heading towards First World Economy - President Museveni

President Yoweri Museveni is optimistic that Uganda’s rich raw material base will make it a first world economy once they’re fully exploited, now that the country continues to attract investors who are willing to support his value addition strategy.“This economy can quickly become a first world economy.

It is now entering the middle-income level, but it can easily go faster, why? Because the raw material base is already big,” H.E Museveni said, mentioning materials like coffee, which is fetching Uganda, 900 million dollars with potential to bring in 10 billion dollars.

He added that Uganda is also doing well on steel production.“For a long time, we didn’t have investors in steel but now they’re rushing to develop a steel industry inside the African continent so that we don’t have to get steel from China, Ukraine or India,” he added.

While addressing the Lohana International Business Forum (LIBF) at Munyonyo Commonwealth Resort Hotel in Kampala, the President highlighted seven (7) key clusters of raw material base in Uganda ready for value addition.

These include; Agro-processing (fruits,oil seeds, agricultural products),Minerals (iron ore, steel, copper, phosphates, cobalt, gold, Nicol, lithium and niobium), Fresh water resources to facilitate fish farming, Forest products (furniture, ceiling boards, paper Industry), Knowledge sector like the automobile industry, the services sector and the Pathogenic economy.

The Lohana International Business Forum dubbed “Africa Calling” attracted over 750 business elite and investors from 139 cities, representing 22 countries and from 29 businesses and services sectors from the influential global Lohana Indian community.

Some of the countries represented were; India, Kenya, UK, Tanzania,United Arab Emirates UAE, USA, DRC, Canada, Portugal, Oman, Angola,Mozambique, South Sudan, Germany, South Africa, Madagascar and Uganda.

The forum showcased opportunities for business and investment in Uganda and provided a platform for Lohana delegates to promote their companies to the Ugandan business community.

In Uganda, the Lohana Community form one of the strongest investment and business blocs and includes luminaries like Ruparelia Group (real estate and hospitality), Madhvani and Mehta (sugar) and House of Dawda(processed foods), amongst others.

They form part of the 27,000-strong Indian community that dominates trade, real estate and manufacturing in Uganda.

Dr Sudhir Rupaleria ,the Chairman Board of trustee's Lohana Community says the Business Forum is aimed at Networking and creating business opportunities for Uganda and the region.

The Lohana International Business Forum dubbed “Africa Calling” attracted over 750 business elite and investors from 139 cities, representing 22 countries and from 29 businesses and services sectors from the influential global Lohana Indian community.

They form part of the 27,000-strong Indian community that dominates trade, real estate and manufacturing in Uganda.

The President also flagged off 50,000 uniforms manufactured in Uganda going to the Republic of Equatorial Guinea.

According to Mr. Odrek Rwabwogo, the Chairman of the Presidential Advisory Committee on Export and Industrial Development (PACEID),deals worth billions of dollars have been reached with different companies at the sidelines of the forum in the fields of; Agriculture, Pharmaceuticals,Bio refinery and Mineral processing.