Friday February 24 2012

Museveni dismisses talk of oil curse

By Ismail Musa Ladu

President Museveni has dispelled fears that Uganda’s oil resource could end up as a curse just like it is in some African countries.

Speaking to London based investors, President Museveni said: “The government will use money from oil for infrastructure development.”

According to a State House press statement, President Museveni assured investors in attendance and Ugandans in general that oil in the country would not be a curse as some people allege.

“The value of oil is what it will be used for to benefit our children. In Uganda there is no possibility of oil being a curse because, we have a firm base of leadership. Oil is a finite resource, which will dry out tomorrow. It must be used to create durable capacity,” he said.

Spirit of Common Wealth
He urged investors, particularly those in the Commonwealth countries to invest in Uganda in the spirit of “Common Wealth”, saying the Common Wealth nations should ride on the back of the English language, which unites all member countries, to do business in Uganda.

The President also outlined the country’s economic strengths, among them, peoples desire and ability to pay, quality products and competitive prices, raw materials, infrastructure, skilled labor force, a favourable policy and regulatory frame work.

The Minister of Foreign Affairs, Hon. Okello Oryem added that with guaranteed security, English as the language of communication, strategic placement in the heart of Africa, a conducive economic atmosphere and friendly weather makes Uganda a distinct investment destination—that no investor should afford to turn away.