President Yoweri Kaguta Museveni met with European ambassadors and investors at State House Entebbe, where discussions focused on strengthening investment partnerships, infrastructure development and opportunities for economic cooperation between Uganda and European countries.
During the meeting, President Museveni welcomed the growing interest of European investors in Uganda, particularly in hydropower generation and other infrastructure projects.
The President noted that continued investment in energy and infrastructure is important for supporting industrial development, expanding production and creating employment opportunities.
President Museveni also highlighted Africa's growing population as an important economic opportunity for international investors, describing the continent as a large and expanding market with significant potential for trade, manufacturing and investment.
He encouraged European investors to recognise the opportunities presented by Africa's expanding consumer base and to establish productive investments that can serve both local and regional markets.
The President further explained Uganda's investment incentive framework, particularly the 10-year tax holiday available to eligible manufacturers. He noted that the incentive is intended to encourage industrial investment, increase production and support job creation.
According to President Museveni, attracting manufacturers and expanding productive economic activities can generate wider benefits for the economy, even where qualifying businesses receive temporary tax exemptions.
He explained that as industries expand and more Ugandans secure employment and earn incomes, Government revenue can also increase through consumer spending and income taxes.
President Museveni emphasised the importance of creating an investment environment that supports production, industrial growth and mutually beneficial economic partnerships.
The meeting provided an opportunity for continued engagement between Uganda and European investors on infrastructure development, manufacturing and investment opportunities that can contribute to the country's economic growth.