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HomeAfricaPresident Museveni Holds Talks with Italian Investors on Investment Prospects in Uganda

President Museveni Holds Talks with Italian Investors on Investment Prospects in Uganda

“Our need from Europe is for capital, not from the government but from the private sector which requires funding in the form of profits. It’s a mutually beneficial formula,” he expressed. The President made this appeal today during a meeting with a delegation from Italy led by Ambassador Stefano Gatti, the Director General of the Italian Agency for Development Cooperation at State House Entebbe. President Museveni praised the Prime Minister of Italy, H.E Giorgia Meloni for her prompt response to his proposal of sending a delegation to Uganda to explore investment opportunities in the country.

He informed the delegation that Uganda possesses abundant natural resources, sufficient labor, and numerous investment prospects that need to be harnessed. “We can progress faster if our cultural relatives, the Europeans, join us,” the President remarked. President Museveni also urged the investors to establish factories in Uganda to add value to the country’s coffee. “We currently produce 9 million bags of coffee, and with irrigation, production will increase. We are progressing, albeit slowly due to limited resources, but with your participation, we can move faster,” he emphasized. President Museveni also encouraged the Italians to invest in the manufacturing of veterinary drugs, vaccines, and pharmaceuticals. “You can also invest in the production of human drugs as we spend a lot on imports,” he suggested. President Museveni highlighted the success of Uganda’s dairy industry, citing transformative measures implemented to connect rural producers with urban markets. “When we took power here, we had to establish links between the towns and villages. This led to a significant increase in milk production in Uganda, from 200 million liters per year to now 5 billion liters per year, with a target of 20 billion liters of milk,” he stated. “Regarding dairy, we have made progress independently, but we can collaborate as well.” He assured the investors of a ready market for their finished products. Regarding the climate fund project by the Italian government, President Museveni mentioned that it will aid Uganda in environmental conservation. Furthermore, he emphasized the importance of global prosperity in fostering mutual development, calling on political figures in Europe to acknowledge the benefits of equitable economic partnerships.

The Prime Minister, Rt. Hon. Robinah Nabbanja, informed President Museveni that the delegation comprised potential investors eager to contribute to Uganda’s development. “Your Excellency, I would like to express my gratitude for allowing me to represent you at the Italy-Africa Summit held in Rome, Italy in January this year. During the summit, the Italian Prime Minister Giorgia Meloni unveiled a new development plan for Africa. After the summit, I engaged in meetings with the Deputy Prime Minister and Minister of Foreign Affairs, H.E Antonio Tajani, and several potential Italian investors. I requested H.E Antonio to send a delegation of potential investors to Uganda to explore investment opportunities in our country, and they are now here,” she added.

Ambassador Stefano Gatti informed President Museveni that Uganda is a new priority country for Italy’s development cooperation. “Uganda is now a key focus area for us, and our primary goal is to address your priority in the coffee sector. Uganda is a key player in the global coffee market, and we already have private Italian companies investing in Ugandan coffee,” Mr. Stefano stated. He mentioned Italy’s climate fund and their willingness to collaborate with Uganda to address climate change effects. “We both agree that the coffee sector faces challenges from climate change, and Uganda requires significant investment to tackle this issue. We are prepared to invest,” he affirmed. “We propose that Uganda collaborates with us on this regional coffee project. We are also prioritizing value addition to Ugandan coffee.” Mr. Stefano also expressed interest in collaborating with Uganda on livestock and agro-food businesses. “Italy is a major global producer of meat-related food, and we possess advanced technology and solutions that we aim to transfer to Uganda,” he stated. He also revealed their intention to invest in Uganda’s health sector. “We are keen on further development of the health sector in partnership with Uganda.” Also present at the meeting were Dr. Monica Musenero, the Minister of Science, Technology and Innovation, Hon. Matia Kasaija, the Minister of Finance, Planning and Economic Development, Hon. Ruth Nankabirwa Ssentamu, the Minister of Energy and Mineral Development, among others.

Distributed by APO Group on behalf of The Republic of Uganda – Ministry of Foreign Affairs.

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