Museveni woos French investors with tax-free market  

President Yoweri Museveni on Monday interacted with a group of over 50 French investors at Le Bristol Hotel in Paris.

They are organised under the Movement of Enterprises of France (MEDEF), a grouping of over 750,000 firms.

He told them they should consider investing in Uganda because unlike in the past, the three ingredients to facilitate trade; the producer, the buyer and infrastructure, are in place.

Uganda and Africa’s population is increasing and with it, its purchasing power, he said.

According to Museveni, investors in Uganda have a market of 40 million people, 160 million at EAC level and 700 million at COMESA level.

He said Africa’s markets, which were previously fragmented, are now getting more organised.

“We have also negotiated third party market access. We have agreements with the EU, US under AGOA and China. We are negotiating with Japan and India. So, you can produce in Uganda and sell in these markets tax-free and quota-free.”

Uganda has sorted the issue of infrastructure, roads, electricity and now working on the railway, the president noted, saying the country also has a highly educated workforce.

“Other bottlenecks like high cost of money to do business in banks are being fixed. We are making available development loans to support manufacturing.”

Unlike many other countries, Uganda is endowed with natural resources, he told investors, citing raw materials for agriculture, livestock, forests, minerals and oil.

On tourism, Uganda is one of the only three places in the world that lie right on the Equator and yet at a high altitude, Museveni revealed.

“This makes our climate very friendly. We also have lots of other tourist attractions.”

“Finally is stability. We have handled the governance issues and Uganda now has durable stability. Investors can invest knowing we have a strong political-security system.”

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