President Yoweri Kaguta Museveni has told the European Union (EU) leaders that attempting to politically control the world is a misguided endeavor. At the 3rd Uganda-European Union Business Forum 2024, he stressed the imperative for European Governments to disentangle politics from business.
In a candid address at Speke Resort Munyonyo, President Museveni urged European governments to rectify the non-trade barriers arising from intertwining politics with business, asserting that global political control is unattainable through such means.
Elaborating on business principles, he emphasized that profitability is the cornerstone, comparing the profitability levels of businesses in different regions. Museveni pointed out the essential elements for business success: the production of goods or services, consumers with the ability to pay, and efficient infrastructure connecting producers and consumers.
Additionally, the President called for a serious dialogue between the European Union and Africa to foster more business opportunities. He cautioned against historical exploitation and unfair labor division by western powers, highlighting the detrimental impact on African nations exporting raw materials.
Highlighting the coffee industry as an example, Museveni illustrated the disparities in value, stressing the importance of adding value locally to retain profits and jobs. He urged European Union countries to promote global affluence, citing China’s economic transformation as an example.
Encouraging European companies to invest in Uganda, Museveni deemed it strategic for both parties. The Ambassador of the European Union to Uganda, H.E Jan Sadek, echoed the sentiment, emphasizing mutual trade opportunities.
Government officials expressed gratitude for President Museveni’s guidance and highlighted the necessity of dialogues on quality assurance between Ugandan agribusinesses and European companies. Several agreements were signed during the forum to enhance investment opportunities, including projects focusing on youth employment, human rights in business activities, agricultural revitalization, and women entrepreneurs.
Notable initiatives included the Green and Decent Jobs for Youth project, Advancing Respect for Business and Human Rights in Uganda, support for Agricultural Revitalization and Transformation, and the Women Entrepreneur for Africa Programme. Additionally, European Investment Bank loans were allocated to various projects, emphasizing the commitment to inclusive and sustainable growth in Uganda.
