Now as the nation continues to draw investors eager to back his value-adding plan, President Yoweri Museveni is hopeful that Uganda's strong raw material foundation would make it a first-world economy once they are completely utilised.
On March 22, 2023, the president was speaking at the Lohana International Business Forum (LIBF) at the Munyonyo Commonwealth Resort Hotel in Kampala.
"Our economy has a strong potential to advance to the first world. It is presently approaching middle income, but it is very capable of moving more quickly. Why? The raw material basis is already substantial, according to Museveni.
Museveni pointed out that although coffee now generates $900 million (sh3.4 trillion) year, it has the potential to generate $10 billion (sh37.8 trillion) in the same time frame. He also said that Uganda's steel industry is going well.
We didn't have investors in the steel sector for a very long time, but now they are hurrying to build a steel industry on the African continent so that we won't need to import steel from China, the Ukraine, or India.
Museveni praised the worldwide Lohana community and urged them to invest in Uganda by taking use of the country's abundant supply of raw materials.
You have been welcomed by lohanas like the Madhvanis and the Ruparelias from different regions of the planet. I'm extremely grateful to them because if you add value to our raw resources, this economy may expand to a trillion dollars.
We have a wide variety and a lot of raw resources, Museveni said.
Tycoon Sudhir Ruparelia, the chairman of the board of trustees of the Lohana Community in Uganda, spoke in favour of investing there since it is here that he made the investments that allowed him to become known as the richest person in Africa.
"Uganda has abundant natural resources, a youthful and better educated labour population, continuously expanding middle income, and more stable administration, including microeconomic policies," Sudhir added. "These factors make this country an appealing long-term investment."
Sudhir characterised President Museveni as foresighted, supportive of the Ugandan business community, and always ready to listen to any company owner when the situation calls for it.
President Museveni urged the investors to take advantage of seven important raw material base clusters in Uganda with a focus on value addition. They do;
1. Agro-processing (fruits, oil seeds, agricultural goods) (fruits, oil seeds, agricultural products)
2. Minerals (iron ore, steel, copper, phosphates, cobalt, gold, nickel, lithium, and niobium) (iron ore, steel, co pper, phosphates, cobalt, gold, nickel, lithium, and niobium)
3. Resources for freshwater to support fish aquaculture
4. Forestry goods (furniture, ceiling boards, paper industry)
5. Industries that use knowledge, like the automotive industry
6. Services industry
7. Economic pathology
Human illnesses are both a burden and a huge opportunity, according to Museveni. "Our scientists here found a drug called Covidex that successfully treated numerous corona patients. Corona only caused 1,600 deaths in Uganda.
Also, he said that Uganda is doing well with its auto manufacturing and would soon cease importing them.
"We created our own electric vehicles and buses. I won't take that one, so please don't talk about assembly. Instead of assembling, we must produce and construct locally.
The president informed the Lohana business community that things are improving in the nation and that the local market has grown over time.
"Africa is vast, but politically divided. We resurrected the East African Community for this reason. We now have a market of 300 million individuals available. When we were recently in Algeria, they said that Ugandan milk was the greatest and much superior to that which they were obtaining from Russia and the Ukraine, and that they were willing to accept Ugandan powdered milk. They like that the most.
Inviting Lohana merchants to Uganda, Museveni said that Asians had a good impact on the country's commerce.
There were two Arabs and four Indians living in harmony in my town of Ntungamo. "For us, the Indians were merchants, bringing what we needed from afar and purchasing our goods," he added. "For us, we are farmers and cow caretakers."
In 1952, I used to sell them milk.
Uganda now has over 1,900 factories, 1,900 of which are owned by Indians and 900 by Chinese, according to State Minister of Finance for Investment and Privatization Evelyn Anite.
She said that they had persuaded the Lohana Business Community to invest in a number of new businesses, including those producing edible oil and prescription medications.
"At the moment, we import pharmaceuticals worth $100 million (Sh377.5 billion) and edible oil worth $10 million (Sh37.7 billion) annually. In order to reduce imports and increase exports, we have invited them to invest in the edible oil and pharmaceuticals sectors, according to Anite.
And Your Excellency, we informed them that it is your policy for Ugandans to buy all goods produced there.
The chairman of the Presidential Advisory Committee on Export and Industrial Development (PACEID), Odrek Rwabwogo, claims that agreements worth billions of dollars have been made with numerous businesses in the agricultural, pharmaceutical, biorefinery, and mineral processing sectors outside of the business forum.
The prominent worldwide Lohana Indian community brought together over 750 business leaders and investors for the Lohana International Business Conference, entitled "Africa Calling," from 139 locations, 22 nations, and 29 enterprises and service sectors.
India, Kenya, the UK, Tanzania, the UAE, the USA, the DR Congo, Canada, Portugal, Oman, Angola, Mozambique, South Sudan, Germany, South Africa, Madagascar, and Uganda were among the nations that were represented.
The forum offered a platform for Lohana participants to advertise their businesses to the Ugandan business community while showcasing the commercial and investment potential in Uganda.
One of the most powerful commercial and investment groups in Uganda is the Lohana community, which boasts leaders in the fields of real estate and hospitality, sugar, and technology such as House of Dawda and Madhvani and Mehta (processed foods).
According to UIA's Rwakakamba, the Lohana Indian Community has been present in Uganda for more than 150 years and has a $40 billion worldwide network.