President Museveni has urged European countries to seize Africa’s growing economic opportunities and increase investment on the continent, saying this would foster shared prosperity between Africa and Europe.
Speaking on Wednesday, during a meeting with an Austrian delegation on the sidelines of the 19th Ministerial Meeting of the Coordinating Bureau of the Non-Aligned Movement (NAM) at Speke Resort Munyonyo, the President said Africa remains a fertile ground for investment that Europe continues to overlook.
‘I feel sorry that Europeans are our relatives, speaking English like me, because I don’t speak Russian, but the Europeans have not been taking advantage of that, and yet they are also near Africa. They are not far away,’ he said.
Mr Museveni humorously added that some European nations should even be ‘members of the African Union,’ given their historical and cultural connections to the continent.
‘But somehow, they have neglected the opportunities in Africa, including business investment,’ he said.
The President compared Europe’s cautious approach with China’s robust engagement on the continent, saying while China has deepened trade and infrastructure cooperation across Africa, Europe remains hesitant.
‘When you see the Chinese come here and they are really doing great work, you wonder why our European people are totally sleeping,’ he said.
President Museveni, who has been juggling his ongoing presidential campaigns and national duties, emphasised that Uganda and Africa at large are ready to welcome more European investors, given the many cultural and linguistic linkages that already exist.
‘We have a lot of linkages. Many Africans now speak English, some speak Portuguese, and many of them are Christians, so we have cultural and historical bonds that make collaboration easier,’ he said.
Africa’s untapped potential
Highlighting the continent’s immense potential, the President noted that Africa’s vast landmass and youthful population make it a strong frontier for future investment.
‘Africa is 12 times the size of India. You can fit India into Africa 12 times. Until recently, the population of India was bigger than that of Africa. But now, because of modern science, we have been able to suppress our enemies. At last, Africa is now 1.5 billion, and in the next 27 years, it will be 2.5 billion,’ he said.
Mr Museveni said Africa’s demographic growth offers a massive consumer base and labour force, arguing that with the right investments, both Africa and Europe stand to gain economically and politically.
‘Europe should not miss this opportunity. Africa is ready for business, and what we need are partnerships that create jobs, add value to our products, and build our infrastructure,’ he said.
The Austrian delegation was led by Foreign Affairs Minister Beate Meinl-Reisinger, who informed President Museveni that Austria was developing a comprehensive African strategy to strengthen its engagement with the continent.
‘We have been long-standing partners, and next year we will celebrate the 60th anniversary of our bilateral relations,’ Ms Meinl-Reisinger said.
She added that Austria was moving beyond traditional development cooperation to focus more on trade and investment.
‘We see opportunities in Africa as a very young, dynamic, and innovative continent..your country’s average age is 16 years; it’s truly amazing. So, I would very much appreciate intensifying our bilateral relations,’ she said.
Ms Meinl-Reisinger revealed that Uganda and Austria were finalising a memorandum of understanding on mobility and migration, which will allow more Ugandans to travel to Austria for business, education, and professional opportunities.
She also highlighted the European Union’s Global Gateway Initiative, through which Europe is channelling pound 600 million towards sustainable agriculture, especially coffee production, and climate change mitigation in Africa.
‘Europe understands that it’s about proving that we are reliable partners,’ she said. The Austrian minister reaffirmed her country’s commitment to partnership and multilateralism in a changing global order.