President\nYoweri Museveni has reiterated that Uganda\u2019s earnings from the oil resource\nwill not be used for consumption or even salaries.<\/p>\n\n\n\n
\u201cUnder\nmy leadership, the money from oil will not be used for consumption or salaries.\nWhy? Because it is a resource that is exhaustible and finite. One day there\nwill no longer be oil. That is why I insisted that money from these resources\nshould only be used to create durable capacity for the Ugandan economy namely;\nbuild power dams, irrigation schemes, the railway, scientific innovations and\nsome aspects of education,\u201d he said.<\/p>\n\n\n\n
The\nPresident made the remarks yesterday while addressing the business community\nattending a 3-day Uganda-Tanzania Business Forum 2019 at the Julius Nyerere\nInternational Convention Centre in Dar-es-Salaam, the Tanzanian capital. The\nFirst Lady and Minister of Education and Sports Hon. Janet Kataha Museveni was\namong other cabinet ministers and private sector officials at the forum.<\/p>\n\n\n\n
The\nforum is the first of its kind and was the initiative of the partnership of\nTanzanian Private Sector Foundation (TPSF) and the Private Sector Foundation of\nUganda (PSFU). It aims at offering a platform for the business community to\nshare experiences, explore investment opportunities across borders, create\nbusiness to business networks, identify and discuss challenges in the presence\nof the Heads of State and Government Ministers and policy makers.<\/p>\n\n\n\n
The\nforum also lays emphasis on issues relating to the steps that can be taken to\naddress and overcome the bottlenecks to the thriving of the bilateral trade\nbetween Uganda and Tanzania.<\/p>\n\n\n\n
Earlier,\nPresident Museveni and his Tanzanian counterpart, John Pombe Magufuli were\nconducted on a guided tour of exhibition stalls in which Ugandan companies and\ngovernment ministries including Uganda Airlines, Uganda Investment Authority,\nUganda Railways Corporation, Kakira Sugar Works, Stanbic Bank, National Social\nSecurity Fund, NITA, UCC, Ugandan Petroleum sector, the Ministry of Energy, and\nthe National Oil Company, among others, showcased what they offer. <\/p>\n\n\n\n
President\nMuseveni said he is interested in learning the conclusions of the forum on\ntopics relating to the attractiveness of the 2 countries as destinations of\ninvestments, harmonisation of the strategies and partnerships in the emerging\ndata economy, trade and infrastructure, reducing the cost of doing business\nbetween Uganda and Tanzania and the local content as a key to the unlocking of\nthe long term value in extractive industries. <\/p>\n\n\n\n
The\nPresident and his host concurred on the plan to enhance water transport from\nthe Port of Mwanza in Tanzania to Port Bell in Uganda adding that railway\ntransport between the two countries would go a long way in promoting\nsustainable trade and investment between the two countries. <\/p>\n\n\n\n
Mr.\nMuseveni said that the East African governments are working aggressively on\npower saying that in Uganda today total power generation will soon be 2,000\nmegawatts which will ensure reliable power supply transmission and the lowering\nof power costs for manufacturers.<\/p>\n\n\n\n
President\nMagufuli described the 1st<\/sup> business forum between Uganda and\nTanzania as a historical occasion. He thanked the organisers for effecting the\nforum and President Museveni for honouring it with his presence. <\/p>\n\n\n\n \u201cThe\ncooperation between Uganda and Tanzania has been in existence since time\nimmemorial even before colonial time. The borders cannot separate us. We shall\ncontinue working together in development,\u201d he said. <\/p>\n\n\n\n He\nstressed that it was important for the two countries to strengthen their\ncooperation in development drawing on the potential of their own natural\nresources in the sectors of agriculture, tourism and manufacturing.<\/p>\n\n\n\n President\nMagufuli revealed that to ensure faster movement of people and goods between\nUganda and Tanzania, his government is going to institute only two checkpoints\nfrom Dar-es-Salaam to the Ugandan border.<\/p>\n\n\n\n He\nadded that measures are underway to ensure that goods move freely in the EAC\nregion with a view to increasing trade and investment. <\/p>\n\n\n\n \u201cThe\nroom for investment is very wide for Uganda and Tanzania business sector. This\nbilateral forum should be promoted for our people in business. Let\u2019s agree and\ndo business and stop lagging behind in development,\u201d he added.<\/p>\n\n\n\n President\nMagufuli disclosed that President Museveni and himself took the decision and\nagreed to the building of an oil pipeline from Hoima to Tanga, one of the\nlongest pipelines in the world, as a sign of commitment between the two\ncountries. <\/p>\n\n\n\n During\nthe Forum, the two leaders witnessed the signing of a number of Memoranda of\nUnderstanding between Uganda and Tanzania in the fields of Agriculture, Foreign\nAffairs and Migration.<\/p>\n\n\n\n President\nMagufuli also hosted President Museveni and First Lady Janet Museveni to a\nluncheon at State House, Dar-es-Salaam. <\/p>\n","protected":false},"excerpt":{"rendered":" President Yoweri Museveni has reiterated that Uganda\u2019s earnings from the oil resource will not be used for consumption or even salaries. \u201cUnder my leadership, the money from oil will not be used for consumption or salaries. Why? Because it is a resource that is exhaustible and finite. One day there will no longer be oil. […]<\/p>\n","protected":false},"author":27983,"featured_media":11201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_paywall_metabox":[],"jnews_override_counter":[],"footnotes":""},"categories":[98],"tags":[31],"class_list":["post-11200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"\n