The third day of the 19th Non-Aligned Movement (NAM) Summit in Kampala saw a shift in focus towards a meeting of ministers and heads of delegation. As the summit progresses, this report provides updates on the key developments during the day.
‘Come and Invest in Uganda’ – Museveni’s Meeting with Egyptian Investors
President Museveni engaged with a delegation of Egyptian investors at State House, Entebbe, led by Dato Arshad Mahmood, Chairman of the International Investment Consortium Inc. This global consortium, dedicated to driving economic growth, discussed with Museveni the vital link between business success and robust infrastructure, emphasizing the importance of roads, railways, and water systems.
Museveni underscored Uganda’s abundant raw materials, diverse agricultural products, ample electricity, and capital. He highlighted the country’s need for entrepreneurship to harness these resources. Emphasizing market opportunities, Museveni presented Uganda’s potential reach to 46 million Ugandans, 300 million East Africans, and access to a potential 1.5 billion consumers through the Continental Free Trade Area.
Furthermore, he reassured the Egyptian investors of existing trade arrangements with major partners like China, the European Union, and the United Arab Emirates, emphasizing Uganda’s commitment to facilitating business and ensuring necessary infrastructure development.
Ministers Arrive for Summit
As the summit moved into its ministerial phase, foreign ministers and heads of delegation convened. Notable attendees included Algeria’s foreign minister Ahmed Attaf, Angola’s external relations minister Tete António, and DR Congo’s Vice-Prime Minister and foreign affairs minister Christophe Lutundula.
‘Uganda – Your Ideal Investment Destination’
President Museveni, represented by Vice-President Jessica Alupo, made a compelling case for investing in Uganda during the East Africa Trade and Investment Forum. Museveni highlighted Uganda’s $50 billion economy, market linkages within the $305 billion East African Community, central location providing access to regional markets, and a relatively stable economic growth rate of about 6.2% over 37 years.
Museveni also emphasized Uganda’s GDP per capita, which stands at $1,100, and the country’s stable macro-economic environment characterized by low inflation (2.6%), a stable currency, and high sustained growth. He affirmed Uganda’s liberal economy, open trade policies, and a welcoming investment regime across all sectors.
Day Three Programme
The packed programme for the day included the arrival of ministers and heads of delegation, the opening ceremony of the NAM ministerial meeting, and various sessions, with specific timeframes allocated for each agenda item.
