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Uganda leader Yoweri Museveni averred that the country’s economy has been growing at the rate of 5.3% annually and it is likely to grow to double digits now that the problem of reliable power has been tackled by the government.Museveni, who began a 3-day working visit to South Korea on Wednesday by touring a research Agricultural Institute and the headquarters of global leading electronic giant Samsung, was speaking at a dinner hosted in his honour by Korean business community.
Accompanied by a number of Cabinet Ministers, Museveni said despite some bottlenecks prevailing in the country, Uganda is very profitable and the government is addressing these bottlenecks.
Museveni urged the business community in South Korea to invest in Uganda.
In spite of power problem that has led the economy to grow through some sectors like construction and transport, investors in other sectors reap profits of between 25% and 30%, he said.
“I am assuring you that with the improvement in reliable power supply, the investors will be able to earn between 40 and 50 percent of their investments as profit. In addition, investors are free to repatriate their profits, invest in Uganda and give us jobs”, he stressed.
Museveni pointed out that the tourism sector is very attractive because of the unique climate of Uganda which is on the equator but with constant ice on its mountains.
The President explained that although Uganda has a population of 35 million people, it is also a member of the East African Community which comprises of five member countries with a total population of 139 million people.
He said that Uganda is also a member of SADC and PTA economic blocs whose total population is bigger. He added that that there is also the African market.
President Museveni thanked the South Korean business community for organizing the dinner and urged them to visit Uganda to see its potential.
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