50606 Kampala
The Ugandan 1st Deputy Prime Minister and Minister for East African Affairs, Mr. Eriya Kategaya, has today announced that the volume of inter East African Community trade has more than doubles in the region since 2004.
Kategaya revealed that trade has increased in Uganda from 504million US$ to 947 million US$, from 241 to US$465million in Tanzania and from 741 to 1,395 million dollars in Kenya, today.
He was speaking at the 3rd East African Community Investment Conference opened by President Yoweri Museveni at Speke Resort Munyonyo in Kampala.
President Museveni in his speech has invited investors to come and invest in East Africa assuring them that the region is now changing and getting modernized with a clear and definite commitment to a new direction in the management of its affairs that provide for a peaceful and stable environment for productivity, trade and investment.
The 3 day meeting has attracted participants from the 5 East African countries compost of the business community as well as senior Public servants. The Leaders of the 5 EAC are expected to join the conference later.
President Museveni added that the East African Region is ripe and ready for new massive infusions of investments. He said that the region has all it takes as a competitive emerging vibrant market are that has a warm welcoming enterprising population a beautiful climate, enormous investment opportunities and abundant natural resources. President Museveni further said that the region has efficient and affordable human resource, investment guarantees, much market access, and stable macroeconomic environment and now is going to address the energy and transport challenge.
“If you come now, you will be here at the right time and place, “he assured existing and potential investors from East Africa and beyond.
The President told participants of the 3rd EAC conference that the only bottle neck that is to be removed is of revamping the existing infrastructure that includes the building of the railway line and the generation of adequate electricity.
“In the next 5 years Uganda should be able to generate 3,800 megawatts and in 15 years 17,000 mwts of electricity will be available in Uganda the level of Malaysia today,” he said.
The President at this juncture castigated some of the media houses that compare the East African countries in terms of economic growth likening it to comparing pigmies. He said that East Africa should be compared with countries like China or any developed nation that are serious with development.
He gave as an example the discrepancies of electricity tariffs between Uganda and China saying in Uganda a unit of electricity costs 15 American cents yet in China it is only 3 American cents. He added that in Uganda the Cost of Internal Freight is 12 American cents per one kilometer ton while in China, it is between one and two American cents per kilometer ton.
President Museveni added that a brigade in the UPDF is being prepared to build the Rail way line, but any partner is also welcome to join in the construction at affordable cost.
In the last 40 years no major line has been built in Africa except the TAZARA,now how can Medium development Goals (MDGs) come about if you cannot encourage low cost of doing business,” he asked.
He therefore called on partners of Africa to help in rebuilding the infrastructure and remove the bottle necks that keep the population in poverty. He said that there was a rapid growth of the economy in the East African states at the rate of 7% GDP but noted that Uganda would have been at 13%.
“7 % is not enough because we have not solved the problem of electricity, “, he said.
The President stressed that infrastructure is the core of renaissance in Africa saying lack of adequate electricity, rail and water transport as well as good road network hinder development of investments.
The Chairman of the council of ministers who is also the minister of East Africana cooperation in the United Republic of Tanzania Dr. Diodorus Kamala the conference will show case EAC’s potential in terms of investment destination.
The Secretary General of East African Community Ambassador Juma Mwapachu said that the conference sees the people of East Africa as the principle drivers of their development. He added that it reflects the adage of “charity begins at home”. He said the coming in of the common market in July will usher in a lot of opportunities of investment to the people of the region.
The head of the Uganda Chamber of Commerce and Industry as well as Uganda Business Council Mrs. Olive Kigongo thanked President Museveni for creating a conducive climate for investment.
The Ugandan 1st Deputy Prime Minister and Minister for East African Affairs, Mr. Eriya Kategaya, has today announced that the volume of inter East African Community trade has more than doubles in the region since 2004.
Kategaya revealed that trade has increased in Uganda from 504million US$ to 947 million US$, from 241 to US$465million in Tanzania and from 741 to 1,395 million dollars in Kenya, today.
He was speaking at the 3rd East African Community Investment Conference opened by President Yoweri Museveni at Speke Resort Munyonyo in Kampala.
President Museveni in his speech has invited investors to come and invest in East Africa assuring them that the region is now changing and getting modernized with a clear and definite commitment to a new direction in the management of its affairs that provide for a peaceful and stable environment for productivity, trade and investment.
The 3 day meeting has attracted participants from the 5 East African countries compost of the business community as well as senior Public servants. The Leaders of the 5 EAC are expected to join the conference later.
President Museveni added that the East African Region is ripe and ready for new massive infusions of investments. He said that the region has all it takes as a competitive emerging vibrant market are that has a warm welcoming enterprising population a beautiful climate, enormous investment opportunities and abundant natural resources. President Museveni further said that the region has efficient and affordable human resource, investment guarantees, much market access, and stable macroeconomic environment and now is going to address the energy and transport challenge.
“If you come now, you will be here at the right time and place, “he assured existing and potential investors from East Africa and beyond.
The President told participants of the 3rd EAC conference that the only bottle neck that is to be removed is of revamping the existing infrastructure that includes the building of the railway line and the generation of adequate electricity.
“In the next 5 years Uganda should be able to generate 3,800 megawatts and in 15 years 17,000 mwts of electricity will be available in Uganda the level of Malaysia today,” he said.
The President at this juncture castigated some of the media houses that compare the East African countries in terms of economic growth likening it to comparing pigmies. He said that East Africa should be compared with countries like China or any developed nation that are serious with development.
He gave as an example the discrepancies of electricity tariffs between Uganda and China saying in Uganda a unit of electricity costs 15 American cents yet in China it is only 3 American cents. He added that in Uganda the Cost of Internal Freight is 12 American cents per one kilometer ton while in China, it is between one and two American cents per kilometer ton.
President Museveni added that a brigade in the UPDF is being prepared to build the Rail way line, but any partner is also welcome to join in the construction at affordable cost.
In the last 40 years no major line has been built in Africa except the TAZARA,now how can Medium development Goals (MDGs) come about if you cannot encourage low cost of doing business,” he asked.
He therefore called on partners of Africa to help in rebuilding the infrastructure and remove the bottle necks that keep the population in poverty. He said that there was a rapid growth of the economy in the East African states at the rate of 7% GDP but noted that Uganda would have been at 13%.
“7 % is not enough because we have not solved the problem of electricity, “, he said.
The President stressed that infrastructure is the core of renaissance in Africa saying lack of adequate electricity, rail and water transport as well as good road network hinder development of investments.
The Chairman of the council of ministers who is also the minister of East Africana cooperation in the United Republic of Tanzania Dr. Diodorus Kamala the conference will show case EAC’s potential in terms of investment destination.
The Secretary General of East African Community Ambassador Juma Mwapachu said that the conference sees the people of East Africa as the principle drivers of their development. He added that it reflects the adage of “charity begins at home”. He said the coming in of the common market in July will usher in a lot of opportunities of investment to the people of the region.
The head of the Uganda Chamber of Commerce and Industry as well as Uganda Business Council Mrs. Olive Kigongo thanked President Museveni for creating a conducive climate for investment.
