By: Ismael Kasooha
KAMPALA
President Yoweri Museveni has lauded the private sector entrepreneurs for their contribution towards the socio-economic transformation of the country’s economy.
“The overall objective of the NRM Government has been to achieve socio-economic transformation by increasing private sector entrepreneurship. Today is a highlight of the NRM Leadership of building a resilient and sustainable economy by attracting such investments that create jobs for, especially, our Bazukulu,” noted Museveni.
This was contained in the President’s message delivered for him by the Prime Minister of Uganda Rt. Hon. Nabbanja Robinah during the official commissioning of the CHINT Uganda Electrical Showroom, a modern, multi-million-shilling facility.
This marks a significant milestone for private sector investment in Uganda’s economy.
The showroom, located on Jinja Road, offers a wide range of electrical products and aims to be a comprehensive energy and lifestyle hub in the country.
The President commended Ms. Shi Jiane Namutebi, the Chint Uganda proprietor, noting that her success here for over 20 years was a testament to what a great investment destination Uganda is.
“It is a pleasure for me to be part of the grand opening of the Chint Electrical Centre for the Chint Electrical Company Limited in Uganda. I applaud all the people that laid a foundation to its establishment and growth and commend all stakeholders for raising the banner of development to date”.
The President appreciated the Managing Director for Chint Electrical Centre Uganda Limited, Ms. Shi Jiane Namutebi and all the partners and stakeholders in this company, for being steadfast and visionary.
“I thank Ms Shi Jiane for being a faithful ‘ambassador’ and torch bearer for many of our Chinese brothers and sisters. Your existence in Uganda for now 20 years is a testimony of the great investment destination Uganda is,” said Museveni.
He noted that the NRM Government overriding growth strategy is, therefore, dependent on facilitating the private sector in ensuring it makes investment for employment and economic growth.
“The important milestones which have been established since the NRM came to power in 1986, such as decentralized governance and local development, have been largely due to the peace and political stability as well as the prudent macro-economic policies that we introduced,” the statement read in part.
CHINT Managing Director, Ms. Shi Jiane Namutebi (pointing) talking to the Premier Rt. Hon. Nabbanja Robinah
The President informed the country that Uganda’s economy remains strong and resilient. It was recently ranked seventh by the International Monetary Fund (IMF), among the fastest growing economies in the World.
“The size of our economy is projected at Shs. 224.9 trillion (equivalent to USD 60.4 billion), by mid this year. In 1986, the economy was only Shs. 42.6 billion or USD 3.92 billion. This means that, in dollar terms, the size of Uganda’s economy has expanded nearly 15 times. It is further projected to grow at 7.0 percent in the financial year 2025/26. It is projected to grow faster when commercial production of oil and gas starts,” he noted.
Museveni said that Uganda offers very diverse opportunities in all sectors and it is only those that tap into them that have reaped and can testify to the resourcefulness of our investment packages. It is paramount to jealously guard Uganda’s political and economic stability.
“All attempts to destabilize Uganda (by internal and external actors), have been thwarted and defeated. We welcome mutual and non-parasitic collaboration with everyone. Uganda’s priorities and interests are very clear; and, therefore, our allies must respect and uphold them, in all their dealings with us,” he explained.
He said that Uganda’s measure of success would not just be how much wealth is created but also how many people benefit from it.
“We want to see a society where people are able to get jobs that enhance the dignity of all individuals and allow them to provide for their families and create self-reliant individuals,” observed the president.
The Managing Director of CHINT, Ms. Shi Jiane Namutebi, lauded the NRM government for its zeal in promoting investments in the country.
End
