On October 23, 2026, at State House Entebbe, President Yoweri Kaguta Museveni met with European Union Ambassadors and investors to discuss Uganda's economic opportunities. He highlighted Africa's growing population and expanding market as a major opportunity for European businesses seeking investment and stronger economic partnerships. The President emphasized that investment in productive sectors is key to expanding markets, creating jobs, and accelerating economic transformation.
President Museveni attributed political instability in some African countries partly to identity-based politics, including tribalism, religious divisions, and ideological misunderstandings, as well as a failure to appreciate the role of the private sector in driving economic growth. He noted that Uganda had learnt from these challenges and emphasized the need for a stable political and economic environment that enables private businesses to invest, expand production, and create employment.
The President welcomed ongoing and proposed European investments in Uganda, particularly in infrastructure and other productive sectors. He said such projects would strengthen economic links between Uganda and the European market. President Museveni encouraged European investors to explore opportunities in construction and financing models, including tolling arrangements where appropriate.
On energy, President Museveni said the cost of electricity remained a critical factor in Uganda's competitiveness, particularly for manufacturers seeking to produce goods at affordable prices. He called for greater attention to electricity tariffs, arguing that affordable power was essential for industrial expansion and economic growth. The President identified affordable electricity, railway transport, and accessible financing for productive investments as key priorities for strengthening Uganda's manufacturing sector.
President Museveni cited the Uganda Development Bank as an important source of financing for businesses engaged in productive activities. He explained that the government had retained the institution to support investments capable of expanding production and creating jobs. The President also urged the European Investment Bank to channel more financing into strategic infrastructure, particularly railway development, electricity generation and distribution, and selected road projects.
The President reaffirmed the government's support for tax incentives aimed at attracting investment, particularly in manufacturing. He emphasized the importance of enabling eligible businesses to benefit from a 10-year tax holiday. President Museveni's remarks were made in the context of Uganda's efforts to attract foreign investment and promote economic growth.
The meeting with European Union Ambassadors and investors was an opportunity for President Museveni to promote Uganda's economic opportunities and encourage European businesses to invest in the country. The President's call to action is likely to be seen as a positive development for Uganda's economic prospects.
Key points
- President Museveni urges European investors to explore opportunities in Uganda's infrastructure, energy, manufacturing, and agriculture sectors.
