Best relationship between Africa and the Western World is in trade and investments

Sunday 7th December 2014
State House PPU

President Yoweri Museveni has said that the best relationship between Africa and the Western World is in trade and investments.

“Africa is highly underdeveloped. When we export to the West, it is a stimulus to our economies. There are several opportunities in the development of infrastructure,” he said.

The President said that the producer, investor and consumer cannot be linked without a good infrastructure.

He was yesterday speaking during a meeting he held with the visiting delegation of USA Corporate Council on Africa delegation led by its President, Steven Hayes.

He revealed that Uganda’s biggest needs are reliable railways and cheap electricity supply, noting that they are bound to increase production costs if they are not developed.

The President said Uganda has made progress in the telecommunications sector and has provided education to her people adding that today’s literacy rate now stands at 78%.

He said that linking electricity in East Africa is very important for the region and revealed that D.R. Congo and Ethiopia have the biggest potential for hydro power generation in the region.

He called on the delegation to encourage investors in the USA to exploit the agro processing sector and mineral development including the processing of iron ore. He said that the iron bars and other related products would facilitate the construction of various facilities.

The President was pleased to note that the delegation was making a follow up of the USA- Africa summit and said that when investors utilize the available opportunities, they are assured of a market of about 300 million people in East Africa, D.R. Congo and South Sudan.

The President of the USA Corporate Council on Africa, Mr. Steven Hayes revealed that they plan to work closely with the African Union and agreed with President Museveni that USA needs to engage itself in more trade and investment with Uganda and Africa at large. He revealed that heir long term goal was to build a middle class economy.

The members of the delegation expressed interest in the  construction of roads and bridges. They also said they have expertise and equipment in promoting the health sector, especially in the treatment of cancer.

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