Museveni rallies Ugandans in Diaspora to invest their savings back home

President Museveni has urged Ugandans in Diaspora to invest their savings back home.

In his remarks read by Vice President Jessica Alupo at the Inaugural Diaspora Convention at Speke Resort Munyonyo on Wednesday, the President said the Diaspora is Uganda’s greatest ambassador and that they should use their global exposure to bring investments home.

“While partners play a role, Uganda’s development must be led by Ugandans. Nations thrive when their citizens take charge. Diaspora savings should be invested at home before seeking foreign investors. Your capital, knowledge, and entrepreneurship are key,”  he said in the speech.

Museveni said the production process depends on 5 factors: land, labour, capital, entrepreneurship, and knowledge.

“Uganda has abundant land and labour but needs the other 3. The Diaspora can bridge this gap to transform untapped resources into wealth and growth,” he added.

He said iInvestment opportunities await in commercial agriculture, industries, services, and ICT.

Since 1986, the President said the NRM has worked to move Ugandans into the money economy. From 90% in subsistence farming, 37% are now engaged in productive ventures, he said.

“Producers and consumers drive modern economies. Producers create goods and services; consumers buy them. To succeed, we need large markets and good infrastructure. Uganda offers both—roads, electricity, ICT, and access to regional and continental markets,” he added.

The President also said that Uganda’s peace and stability, built by NRM, form the foundation for investment. Infrastructure development and private-sector-friendly policies ensure a conducive business environment.

“Think of Uganda first—our future depends on it.” Uganda’s beauty is unmatched! Promote our parks, falls, mountains, and cultures. From Bwindi’s gorillas to Kidepo’s savannahs, our tourism potential is vast. The Diaspora is a strategic ally in transforming Uganda,” he said.

Gen. Jeje Odongo, the Minister of Foreign Affairs, highlighted the vital role of Ugandans abroad in the country’s socio-economic transformation.

The Minister welcomed the diaspora back to their homeland, Uganda, and emphasised the significance of this convention as a platform for deeper engagement to harness their potential for national development. Hon. Odongo noted that the Ministry of Foreign Affairs is mandated to protect Uganda’s interests abroad, including engaging and mobilising the diaspora to contribute to the country’s socio-economic goals. 𝐃𝐫𝐚𝐰𝐢𝐧𝐠 𝐠𝐥𝐨𝐛𝐚𝐥 𝐥𝐞𝐬𝐬𝐨𝐧𝐬, 𝐡𝐞 𝐩𝐨𝐢𝐧𝐭𝐞𝐝 𝐭𝐨: India: $125B remittances in 2023, 3% of GDP. Philippines: $33B reduced poverty. Ethiopia: $4.5B remitted annually + diaspora-led investments in tourism and agriculture.

The Minister commended Ugandans abroad who already send remittances and have made investments in sectors like healthcare, real estate, and agriculture. Their contributions are driving change back home.

Hon. Odongo encouraged the diaspora to scale up investments in Uganda. Beyond supporting families, larger-scale projects can enhance national development and yield greater personal returns. The Minister acknowledged challenges faced by the diaspora, such as dual citizenship, visas, and accessing government services. Efforts are underway to address these concerns and create a conducive environment for engagement. Hon. Odongo announced plans to make this convention an annual event, ensuring consistent dialogue and collaboration with Ugandans abroad.