President calls for US-Africa Summit to stimulate American business

Monday 20th August 2012

President Yoweri Museveni has called for a US-African Summit to target the resurging African consumption market in order to stimulate further the expansion of the American business.

“Whoever becomes the President of the United States of America, should organize the USA-Africa Summit like America has done with India, China, Europe, among others. It is only the USA-Africa Summit that has not been there”, he said.

The President was meeting with the visiting American Congressman Senator Tim Wolgurg from the State of Michigan, who called on him at his country home in Rwakitura, Kiruhuura district over the weekend.

He said that the African Union Commission President could work with the US to organize the Summit so that America and Africa can discuss issues pertaining to market stimulation and consumption as well as boosting entrepreneurship aspects.

President Museveni described the consumer as the first “King” and the entrepreneur the second “King” because the 2 are the primary players in business. He noted that all other players in business, including government, are middle playerfacilitators.

The President said that the US should note that the consumption rate in Western economies is going down while the opposite scenario is obtaining in Africa as the continent’s rate of consumption intensifies and expands. He also stressed that Africa has got surplus capacity that needs to be converted into products to supply the world market.

Senator Tim Wolburg reported that America’s economy is struggling as exemplified by the fact that the cost of doing business in there is high. He supported President Museveni’s suggestion for the convening of the US-Africa Summit so that trade between USA and Africa is developed further for the mutual benefit of each bloc. He noted investments in Africa have the potential to grow because the continent’s labour force is industrious.

Senator Wolburg commended President Museveni for his vanguard role and leadership in fighting against terrorism in the Horn of African country of Somalia. He also lauded the role and the accomplishments of the Uganda People’s Defence Forces (UPDF) in stabilizing and promoting peace in Somalia.

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