President Museveni Cautions EU Leaders Against Political Interference in Global Business Affairs

President Yoweri Kaguta Museveni has cautioned European Union (EU) leaders against the misconception that they can wield global political control. Addressing attendees at the 3rd Uganda-European Union Business Forum 2024 at Speke Resort Munyonyo, President Museveni emphasized the imperative for European governments to refrain from intertwining politics with business.

Explaining the impact of political interference on commerce, President Museveni urged European authorities to rectify this erroneous approach, noting that attempting to exert political dominance globally is untenable. Instead, he advocated for a shift towards fostering mutually beneficial trade relations free from political constraints.“We need to stop this nonsense of arrogance in trade. I buy your product because I need it. Don’t try to impose any of your thinking on me. I know how to think. If something is right, I will see it myself, “ said the president.

During his address, President Museveni clarified on the fundamental principles of successful business operations, saying profitability is a paramount objective. He outlined the essential elements requisite for business prosperity, including the production of goods or services, consumer demand, and robust infrastructure facilitating commerce.

Furthermore, President Museveni called for enhanced dialogue between the European Union and Africa to stimulate economic opportunities for both regions. He cautioned against historical patterns of exploitation and advocated for equitable collaboration to foster sustainable development.

“The lack of dialogue in the world is part of the problem and through the ambassadors here of europe, I would like to encourage them to tell their governments to engage in serious dialogue with all of us. We are here, we know what we are doing and we are ready for dialogue,” the president explained.

President Museveni spotlighted the disparity in value extraction from raw materials, citing the example of coffee production where African nations receive a fraction of the revenue compared to European counterparts who process and market the finished products.

He underscored the necessity for value addition within Africa to mitigate economic losses and bolster job creation .In advocating for global affluence, President Museveni illustrated the transformative impact of China’s economic ascent on global industries. He stressed the importance of shared prosperity in driving business growth and urged political leaders and business entities alike to prioritize initiatives fostering global affluence.

Expressing a welcoming stance towards European investment in Uganda, President Museveni affirmed its strategic significance for both parties. His sentiments were echoed by H.E Jan Sadek, the Ambassador of the European Union to Uganda, who emphasized the mutual benefits of trade collaboration.

The forum also witnessed the signing of several agreements aimed at bolstering investment opportunities between Uganda and European companies. Initiatives such as the Green and Decent Jobs for Youth, Advancing Respect for Business and Human Rights, and support for agricultural revitalization underscored the commitment to fostering sustainable economic development and promoting inclusivity in business endeavors.