Uganda’s President Yoweri Kaguta Museveni is urging Russia and China to invest in Africa’s factories instead of just buying raw materials.
In a message about true friendship and solidarity, President Museveni wants these nations to support Africa’s growth by investing in local industries.
Business Insider Africa reported that during a meeting with representatives from BRIDGIN Schools, he passionately called for a change in Africa’s economic relationship with international partners.
President Museveni pointed out that importing raw materials from Africa has held back the continent’s progress and created an economic imbalance.
He questioned why Russia and China buy raw coffee from Africa instead of investing in African companies. He believes this investment would bring more money to Africa, leading to global prosperity as Africans buy more from Europe.
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Using the coffee industry as an example, where Africa is a major producer but earns only a small part of the revenue, President Museveni stressed the need for Africa to benefit more from its resources.
“Why do you buy unprocessed coffee from Africa? Why don’t you bring your own companies to invest in Africa so that Africa gets more money from that coffee? In that case, we shall have bigger global prosperity because if Africa has got more money in their pockets, they will buy more from Europe,” the President emphasized.
His proposal is for Russia and China to encourage their companies to invest in Africa’s manufacturing sector, allowing finished products to be traded and boosting Africa’s economy.
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President Museveni strongly believes that a strategic partnership based on mutual investment and fair trade will bring greater prosperity to Africa and its international allies. By empowering Africa through local manufacturing, he envisions a more equitable and prosperous future for the continent and its global partners.
