Museveni and Zuma Discuss Boosting Uganda-South Africa Business Ties

President Yoweri Museveni held a productive meeting at State Lodge Nakasero with former South African President H.E. Jacob Zuma. The two leaders engaged in discussions aimed at bolstering business and investment collaboration between Uganda and South Africa.

Government officials and investors joined the meeting, identifying potential partnerships in crucial areas of Uganda’s economy. These included energy generation, power transmission, irrigation systems, and enhancing the value of mineral resources.

President Museveni welcomed the investment proposals from H.E. Zuma’s delegation, characterizing them as forward-thinking and beneficial for Uganda’s industrial growth. He reaffirmed the government’s dedication to supporting committed investors, especially those focused on sectors that drive manufacturing and agricultural output.

The Ugandan leader underscored the critical role of affordable energy in spurring economic transformation. He stated the government’s ongoing efforts to maintain low electricity costs, a key factor in supporting industries and attracting further investment.

“Energy is the bone marrow of the economy, and here either the government does it or partners with private investors with soft capital, and we ensure that the cost of power is cheap to support manufacturing,” President Museveni remarked. He also highlighted the prioritization of affordable electricity, railway transport, and accessible financing as essential for strengthening the nation’s productive sectors.

“We are very strict with the price of electricity, transport by rail, and the cost of money. We want to fund manufacturing and agriculture. These are a must; without them, the economy will collapse,” he added.

The talks also touched upon Uganda’s commitment to increasing value addition and industrial development, aiming to boost exports, create jobs, and reduce the outflow of raw materials.

Former President Zuma expressed his gratitude for the warm reception and pledged continued investment cooperation between South Africa and Uganda. The Permanent Secretary for the Ministry of Energy and Mineral Development, Eng. Irene Batebe, was also present and is set to lead further engagements with the South African delegation to pinpoint specific energy sector collaboration opportunities.

Source: State House Uganda (statehouse.go.ug)