President Museveni is optimistic value addition can turn Uganda into a first-world economy.
Addressing over 800 business proprietors from 27 countries under the Lohana International Indian Community on Wednesday, President Museveni said that currently, the economy is entering a middle-income level but that this can change for the better if emphasis is put on value addition for available resources.
“This economy can quickly become a first-world economy. It is now entering the middle-income level but it can even grow faster because the raw material base is already big. Like coffee, we are producing almost nine million bags of coffee and we are earning about USD 900 million from that, but if you add value it can bring in USD 10 billion. The same quantity can bring in ten times more money than it is bringing in now,” said Museveni.
An October 2022 United Nations’ list of Least Developed (LDCs) countries listed Uganda among the 33 LDCs in Africa.