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President Museveni explores trade and investment opportunities with Saudi Arabia

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President Museveni explores trade and investment opportunities with Saudi Arabia


President Yoweri Kaguta Museveni held a meeting on Monday, August 7, 2023, with the Royal Court Advisor in the Kingdom of Saudi Arabia, Mr Ahmed Bin Abdul-Aziz Kattan, at State House Entebbe.

During their interaction, the two leaders discussed potential trade and investment prospects that could be pursued by their respective nations.

In the dialogue, President Museveni expressed his desire for Saudi Arabia to engage in enhancing the value of Uganda’s coffee industry. He emphasized the importance of investing in coffee processing, citing the substantial economic losses incurred from exporting raw coffee. He pointed out that the current returns of USD 2.5 per kilogram were notably lower compared to the potential value of USD 40.

Drawing parallels to the oil industry’s history, President Museveni elaborated, “It is like oil the way it was in the past where a barrel of oil in 1969 was 40 cents, it was not even 1 USD. When there was the Arab-Israeli war in 1973, that is when there was a boycott and a barrel went to 40 USD.”

In addition, he emphasized the transformative power of processing raw materials, noting, “This is the same problem with these other raw materials like coffee.”

Highlighting the vast untapped potential, President Museveni stressed that identifying a company capable of processing coffee within Uganda would be a positive step. He assured Mr Kattan of a promising global market for the finished agricultural product.

Referring to the current scenario, he pointed out, “The global coffee business is USD 460 billion but the coffee producing countries; all of us, we share only USD 25 billion out of the USD 460 billion and Africa shares USD 2.4 billion. Germany, a non-coffee-producing country, earns more from coffee than the whole of Africa. It earns USD 6.4 billion.”

President Museveni further highlighted the existing trade agreements, saying, “So, if you can get me a company which can roast coffee here, grind and pack, it will be good. I was in Serbia; they are ready to buy our processed coffee but even the Americans if we process it will buy it because we have got an agreement with them – AGOA.”

Mr Kattan assured the President of Saudi Arabia’s willingness to collaborate with Uganda in terms of investment. He extended an invitation to President Museveni to participate in two upcoming summits to be held in Riyadh, Saudi Arabia. These summits, namely the Saudi Arabia Summit and the Arab-Africa Summit, were of significant importance on the global stage.

President Museveni welcomed the invitation with enthusiasm, confirming his attendance at the forthcoming events.

The meeting witnessed the presence of Foreign Affairs Minister, Gen. Jeje Odongo, alongside other members of the Saudi Arabian delegation.

Sarah K. Biryomumaisho is a seasoned multimedia Award Winning journalist with 11 years of experience in broadcast and writing. She is recognized for her expertise in the field and holds a Diploma in Business Administration from Makerere Business Institute, which has equipped her with a strong foundation in business principles. Sarah's commitment to professional development is evident through her continuous pursuit of knowledge and skills. She has obtained a Certificate in Media Management from Women in News, an esteemed organization dedicated to empowering women in the media industry. In 2020, she successfully completed a Course in Wikimedia, demonstrating her proficiency as one of the few Wikipedia Editors in the country. To further enhance her reporting capabilities, Sarah has also acquired a certificate in Gender Justice Reporting from The International Women's Media Foundation (IWMF). This specialized training has equipped her with a deeper understanding of gender-related issues and their portrayal in the media. Throughout her career, Sarah has contributed her talent to various media houses, including six radio stations, where she has showcased her versatility and adaptability. Her most recent engagements include Galaxy FM 100.2 and Radio 4. Additionally, she has served as a writer for Andariya Magazine, further demonstrating her ability to excel in different mediums. Sarah's expertise extends beyond journalism. She has worked as a Digital Communications consultant for the revitalized Uganda Airlines, leveraging her skills to effectively communicate the airline's message in the digital sphere. Her passion for digital media and technology makes her a valuable asset in the evolving landscape of communication. In her entrepreneurial pursuits, Sarah is the proud owner of TheUgPost, a renowned media organization with a strong presence in Uganda and a global reach. Through this platform, she continues to make a significant impact by providing reliable and engaging content to a wide audience. Sarah won the Top Environmental Journalist Award 2023 from Uganda Biodiversity Fund. Twitter; https://twitter.com/BiryomumaishoB

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