Museveni Lauds Marriott Investment, Stresses Wealth Creation for Uganda's Growth

President Yoweri Museveni has lauded the significant investment represented by the new Kampala Marriott Hotel and Marriott Executive Apartments, urging a shift in focus for African nations. Speaking at the grand opening ceremony, the President highlighted the critical distinction between development and wealth creation, stating that sustainable growth must be underpinned by robust economic output.

He commended Mr. Ponsiano Ngabirano, Chairman of Capital Shoppers Ltd, for his entrepreneurial journey, transforming a small grocery into a major hospitality venture. President Museveni presented this transition as a model for Uganda, moving from import dependence towards increased national production. He identified commercial agriculture, services, ICT, and manufacturing as the crucial sectors for driving wealth creation in the country.

The President also welcomed the National Social Security Fund’s (NSSF) decision to invest in the project, noting that such domestic investments offer greater economic benefits than foreign bonds. He acknowledged Marriott International’s expansion into Uganda, recognizing the significant market potential presented by Africa’s rapidly growing population.

The newly opened dual-branded property features 181 hotel rooms and 96 serviced apartments, along with extensive dining, business, and event facilities. The investment has already generated over 350 jobs, with approximately 95% of employees being Ugandan nationals. Furthermore, about 90% of procurement is sourced locally, supporting Ugandan businesses.

Finance Minister Henry Musasizi reiterated the government’s commitment to attracting investment through incentives like tax holidays. He emphasized that projects like the Marriott Hotel significantly contribute to Uganda’s economy through tourism, job creation, and increased revenue. The Minister also called for greater investment in specialized training facilities for the hospitality sector to develop a skilled workforce.

Marriott International’s Regional Vice President for Sub-Saharan Africa, Johan Cronjé, expressed confidence in Uganda’s tourism sector and pledged Marriott’s commitment to community support. Mr. Ngabirano thanked the President for fostering a stable environment conducive to business growth, which allowed his venture to expand from a small grocery to an international franchise. He also raised concerns regarding high taxes on hotels, appealing for a review to enhance industry competitiveness.

This new hospitality landmark signifies Uganda’s growing appeal as an investment and tourism destination, expanding the country’s capacity to host international events and visitors, and contributing to its overall economic development.

Source: https://statehouse.go.ug/president-museveni-hails-marriott-hotel-and-executive-apartments-investment-calls-for-wealth-creation-to-drive-ugandas-development