Dr. Hillary Emmanuel Musoke Kisanja, the Private Secretary to President of Uganda for Youth, in Agriculture, Value addition, Export promotion, has tipped the Ugandan Diaspora on how to participate in wealth creation that benefits them and Uganda at large by reimagining technology, business and culture.
He said creating wealth was the only way of ensuring a sustainable future.
Dr. Kisanja made the remarks yesterday during the Ugandan North American Association (UNAA) convention held at at Hilton Anatole hotel Dallas Texas, USA.
“The Ugandan Diaspora is large, vibrant and growing community. It is estimated that there are over 1,500,000 (One Million Five Hundred Thousand) Ugandans living abroad or outside the country. A sizable portion of this community is domiciled in North America. More importantly, we recognize that the role of Ugandans in the Diaspora in our national economic transformation is undisputed. Every year through their efforts, they remit trillions of Uganda Shillings to their relatives and friends back home either for their welfare or for small individual projects or both,” he said.
He explained that these consistent efforts have significantly energised and stimulated Uganda’s economy, before informing the audience that the government was very happy with her Ugandan Diaspora for the role they play in national transformation.
“Currently the Government of Uganda is promoting a new paradigm of manufacturing for export, in the policy of Value Addition. For decades, Ugandans have exported raw materials to different countries to their disadvantage. This is because the value or price of raw materials is a fraction of the value or price of the finished products,” Dr. Kisanja added.
He however expressed concern that Uganda still has low levels of Value Addition yet it has a large unemployed youth population.
“Both factors are a great opportunity for the country to engage in Value Addition because it has affordable labour from this population, many of whom are educated. While a new thinking is emerging that Ugandans can earn more money by producing finished products, there is need to produce these products to the required global standards.”
By virtue of the Diaspora’s exposure to global standards and best practices, Dr. Kisanja further noted that the
Government of Uganda has been keen to enhance their participation in the new paradigm of Value Addition, which is a sure way of making more money for those who engage in it.
He said this was a great opportunity for the diaspora to take advantage of.
“Furthermore, most Ugandans in the diaspora are in employment as opposed to entrepreneurship. It is our view that while this is good, it is not sufficient for them to create wealth. We think that Ugandans in the diaspora can use some of their income to invest back home either as individuals or in partnerships or in corporate entities in the country,” Dr. Kisanja asserted.
“There are a number of wealth creation options that we have steadily proposed over time. One of these is the diaspora bonds, in which Government of Uganda offers you the opportunity to buy bonds that mature over a period of time, with a sure guarantee of interest. This investment model is a complete reimagination of how we can do business. It is an opportunity that allows your money to work for you without you putting in the time and energy required to make a business work.”
He also advised that the Diaspora can engage in skills and technology transfer whereby Ugandans living abroad can be employed by companies back home to work while living abroad. This, he said can also train Ugandans and earn from doing so.
“Related to this is Business Process Outsourcing (BPO) which involves Ugandans back home working for companies abroad remotely. The diaspora can consider this as an opportunity for doing business whereby they connect our people to companies abroad and make money from the process. Our Engineers, Accountants and other professionals can all work for companies abroad,” Dr. Kisanja emphasized.
“The above wealth creation opportunities have been assisted by an enabling business and policy environment. The Government of Uganda has instituted some of the best policies for doing business in the world, some of which included a thorough liberalisation of the economy, the rule of commercial law, and Buy Uganda Build Uganda (BUBU), and tax incentives for both local and foreign investors, all of which provide a conducive environment for doing business.”
Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
