President Yoweri Museveni has called upon Russia and China to invest in the continent’s manufacturing sector instead of solely relying on importing raw materials. In a message emphasising the importance of true friendship and solidarity, President Museveni urged the two nations to support Africa’s growth and economic development by investing in local industries instead. He pointed out that importing raw materials from Africa has hindered the continent’s progress, leading to an imbalanced economic dynamic. Citing the example of the coffee industry, where Africa remains one of the largest producers but receives only a fraction of the revenue, President Museveni emphasised the need for Africa to benefit more from its resources. He proposed that Russia and China encourage their companies to invest in Africa’s manufacturing sector, thereby creating opportunities for finished products to be traded and boosting Africa’s economy.
SOURCE: BUSINESS INSIDER