Addressing a high-level gathering of Uganda’s most influential business leaders at Speke Resort Munyonyo on Thursday, H.E. President Yoweri Kaguta Museveni reaffirmed that the private sector remains the primary driver of the nation’s journey toward a US$500 billion economy.
The President, who was the Chief Guest, was speaking at the Kampala Business Forum, organised by the Presidential CEO Forum (PCF) in partnership with the Uganda Development Corporation (UDC).
His keynote address was a masterclass in economic pragmatism, focusing on the transition from subsistence to a profit-driven middle class.
In a characteristic lecture on economic history, President Museveni distinguished the new ‘middle class’ from the traditional Ugandan actors, many of whom he likened to subsistence farmers.
He noted that while subsistence farmers focus on survival, the leaders present at the Serena Hotel are defined by their quest for profit.
“You are the middle-class people who depend on what we call profit. Profit is the difference between the cost of production and the final price. You are profit makers,” the President stated.
He emphasised that the emergence of this class is the ultimate evidence of Uganda’s transformation, as these businesses increasingly discover that their interests are tied to a united Uganda and an integrated East African market.
Pledge for Stability and Infrastructure Development
President Museveni used the forum to reassure investors of a ‘stable and predictable macroeconomic environment.’ He outlined the government’s resolve to tackle the four costs that often hinder Ugandan competitiveness, which include:
Transport: He pledged continued investment in the standard-gauge railway and road networks.
Electricity: He promised that the government would ensure affordable, reliable power for industrial zones.
Capital: Working through the Uganda Development Cooperation (UDC) and Uganda Development Bank (UDB), the President said that the government is ready to provide lower-interest industrial financing.
Security: He reaffirmed that the peace maintained by the National Resistance Movement (NRM) government is the bedrock upon which all business success is built.
Scaling Regional and Global Markets
A central theme of the President’s remarks was Market Access. He challenged Ugandan CEOs to look beyond the domestic market of 45 million people and aggressively target the East African Community (EAC) and the African Continental Free Trade Area (AfCFTA).
“I call upon Ugandan businesses to scale up, innovate, and take advantage of regional and global opportunities,” he urged.
He noted that without a larger market, local production would eventually hit a ceiling, stifling the growth of the very profit makers he seeks to empower.
Endorsement and Continuity
The forum concluded with a significant political milestone as the private sector, led by PCF Chairperson Emmanuel Katongole, formally endorsed President Museveni for the 2026 elections.
Responding to the endorsement, the President underscored that the government’s partnership with the private sector is not merely a policy, but a core tenet of the national strategy for industrialisation and job creation.
He concluded by calling for increased production and productivity, reminding the captains of industry that in the global arena, only the most efficient will survive.