It is dangerous for Europe to continue importing raw materials from Africa and some of the other places like Latin America and process them into finished products, President Yoweri Museveni has told the at the 3rd Uganda-European Union Business Forum 2024, at Speke Resort Munyonyo.

“When you are exporting a raw material, like I will take an example of coffee. If you check your internet, you will see that the global value of coffee now is about 460 billion dollars,” the Ugandan President said.

“However, all the coffee producing countries in the world like Brazil, Uganda, share 25 billion dollars from the 460 billion dollars.  From the 25 billion dollars, Africa shares 2.5 billion dollars and Uganda takes 900 million dollars,” he added.

“And why this? It is because, very good quality coffee, a kilogram is 2.5 dollars, when somebody adds value to it, he gets 40 dollars in Europe. So, I’m losing value of money but also losing jobs because the coffee value chain like the roasting, grinding, packaging are all job levels which are taken out,” he further added.

The President also called upon the European Union countries to promote global Affluence in order to enable the success of businesses in the world.

“When the Chinese started building and getting out of poverty, a tonne of steel jumped from USD200 to USD900. It has now come down to about USD700.

We are building steel industries now because the movement of the Chinese from straw-thatched shelters to permanent buildings has meant that the price of steel, cement, copper and all products went up because of the movement from poverty to affluence in China,” he explained.

“You as business people, you can pursue business but the political actors in Europe and all of us need to know that global affluence will give good business to everybody in the world,” he added.

President Museveni further welcomed the European companies to invest in Uganda, saying it is very necessary for both Uganda and European companies.

“Europeans investing here is common sense and strategic,” the President emphasised.

Museveni has advised the European Union (EU) leaders that it is a mistake to think that they can control the world politically. He emphasised the need for European governments to stop mixing politics in Business.

“The non-trade barrier created by wrong politics where people mix politics with business, you need to advise governments in Europe to get out of that mistake, because there is no way you can control the world politically,” the President advised.

The Ambassador of the European Union to Uganda, Jan Sadek, said that the East African country and European Union companies have a lot to offer in this trade forum because both have several trade opportunities.

The Minister of State for Investment and Privatization thanked President Museveni for gracing the forum and assured that Uganda is now in the take off stage, ready to embrace all favourable investment opportunities from European companies.

At the forum, a number of agreements were signed to boost investment opportunities between Uganda and European companies.