Trusted News Portal

Museveni Criticizes Ideological Chauvinism in European Business Practices


President Yoweri Museveni has cautioned European governments against intertwining politics with business, citing numerous errors stemming from such a practice and emphasizing that political control on a global scale is unattainable.

“Lead by example. If you believe you are right, engage in beneficial actions that earn admiration. Avoid erecting non-trade barriers under the guise of political agendas,” he stated emphatically.

Museveni delivered these remarks today at the 3rd Uganda-European Union Business Forum 2024 held at Munyonyo. The event, themed “Boosting Trade and Investment,” commenced on Tuesday and spans three days.

Highlighting the fundamental elements crucial for profitable business operations, the president underscored the necessity of product or service production, financially capable consumers, and efficient infrastructure connecting producers to consumers through transportation and communication networks.

Moreover, Museveni urged the European Union to engage in meaningful dialogue with Africa to foster mutually beneficial business opportunities.

Conversely, the President cautioned against exploitation and unequal labor division by Western powers, attributing resultant chaos in several African nations to such practices, particularly the exportation of raw materials.

“When you hear the chaos in some African countries now, the original problem is this one here. Those areas have got a lot of natural resources, but they have been exporting raw materials,” he said.

Encouraging the promotion of global affluence, Museveni stressed the significance of political actors recognizing its role in fostering successful businesses worldwide.

Meanwhile, H.E Jan Sadek, the Ambassador of the European Union to Uganda, emphasized the abundant trade opportunities shared between Uganda and European Union companies, underscoring the significance of their participation in the trade forum.

See also  Busoga premier asks Museveni to ensure stability of sugarcane prices

In his address, Hon. John Mulimba, the Minister of State for Foreign Affairs in charge of Regional Affairs, advocated for dialogue between Ugandan agribusinesses and European companies regarding quality assurance.

Expressing gratitude for President Museveni’s presence at the forum and his ongoing guidance, the Minister reiterated the importance of his leadership in steering the nation in the right direction.

The forum witnessed the signing of several agreements aimed at bolstering investment opportunities between Uganda and European companies. These initiatives include the “Green and Decent Jobs for Youth” project worth Euro 50 million, aimed at enhancing employment opportunities for vulnerable youth, especially young women, while promoting environmentally sustainable practices.

Additionally, the “Advancing Respect for Business and Human Rights (ARBHR) in Uganda” project, valued at Euro 5 million, aims to address human rights abuses, particularly those affecting women, in business activities within Uganda.

Other initiatives include the support to the Agricultural Revitalization and Transformation facility at Euro 11.5 million, aimed at enhancing value addition and agro-processing, and the Women Entrepreneur for Africa Programme under the Team Europe initiative, investing in young businesses in Africa.

Furthermore, significant financing agreements were signed, including a Euro 50 million loan to Centenary Rural Development Bank (“CERUDEB”) Uganda, focusing on micro-entrepreneurs and micro-enterprises, with an emphasis on female borrowers and rural clients.

Lastly, a Euro 25 million loan to Towerco of Africa-Uganda aims to support the construction of 675 new mobile towers in Uganda, enhancing connectivity and communication infrastructure nationwide.

Post Views:

See also  CECILIA OGWAL: Oposition figure who dared President Museveni


Leave A Reply

Your email address will not be published.