Officials from the United Arab Emirates (UAE) have told President Yoweri Museveni they are ready to invest in the country’s agriculture, pharmaceutical and healthcare sector. This was revealed during a meeting on the sidelines of the Uganda-UAE business summit taking place on the shores of Lake Victoria in Kampala.
According to State House, Museveni met a delegation of investors from UAE where the two parties discussed possible business opportunities.
“Uganda has everything, there is nothing on earth which we do not have here; the minerals, the foods, fruits, among others. The country is very peaceful because we built a strong system and we have this huge market of Africa even before we go to other parts of the world, so it is a win-win situation for UAE and Uganda,” President Museveni told his guests.
“For us here, we have our advantages, our forests have medicines and foods which most people in other parts of the world do not know exist. Originally, we were using these medicines in the traditional way but our children who studied science have now transformed them,” he added.
The UAE delegation was led by Rashed Abdulkarim AlBlooshi, the Undersecretary of Abu Dhabi Department of Economic Development. The host further assured the investors of a peaceful and conducive environment to do business.
The President illustrated how Ugandan scientists are skilled despite the country lacking funds to support them develop medicine for international consumption. He said Ugandan scientists were able to use the traditional herbs for Antiviral drugs to save many people’s lives during COVID-19.
“It is only that the government has got a lot of work because we are the ones who support the scientists with the money. These scientists have knowledge, but they don’t have money,” he added.
Rashed assured the President that they are ready to invest and work with Uganda “for the good of both countries.”
“That is our objective, Your Excellency, we are concentrating on the agriculture, pharmaceutical sector and healthcare. We are committed to invest in these sectors. We are also glad to be here and hope that we continue working together for the betterment of both Uganda and UAE,” Rashed added.
A day earlier, Prime Minister Robinah Nabbanja told entrepreneurs from UAE that the east African country is the safest investment destination with maximum returns in the region. Nabbanja who on Tuesday opened the summit said Uganda was the only country in the region, which allows foreign investors to repatriate their profits as and when they want.
“It is my honour to officiate at this very important function because it offers a platform for us to pull synergies together to increase Uganda’s export competitiveness, attract more foreign direct investments, tourism promotion and jointly address the challenges of doing business between our two countries and propose the best way forward,” the jolly Prime Minister said.
Nabbanja requested the more than 30 company representatives and several government officials from UAE to help get more Ugandan products into their home markets. She also called for the establishment of Joint Permanent Commissions (JPCs) and Joint Economic Commissions (JECs)
“These above frameworks are the principal fora for strengthening and reviewing bilateral relations between countries in all fields under the three clusters of; Political, Economic and Social matters,” Nabbanja said.
“I hope that the two countries will consider the possibility of joint negotiations for Market Access at major International Trade Agencies. This will strengthen our negotiation power,” she added.
