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- Feb 11, 2007
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Posted Date:: 15.11.2007 @00:02 EAT
Museveni alarmed by human capital flight
President Museven
By Zephania Ubwani, Arusha
The Citizen
President Yoweri Museveni of Uganda told an international forum held here recently that human capital flight out of Africa is alarming.
He said the flight continues unabated and that the trend should be checked as the continent is losing a formidable force.
He told the 4th African World Business Congress
that an estimated 20,000 doctors, university lecturers, engineers and other professionals are leaving the continent annually since 1990.
"There are currently over 300,000 highly qualified Africans in the Diaspora, 30,000 of these are PhDs holders, he said in a speech read on his behalf by the Ugandan minister of state, Foreign Affairs Mr Isaac Musumba.
Africa is losing its skilled workforce, while the
continent is spending $4 billion(Sh4 trillion) a year to employ 100,000 experts from the Western countries to perform generically described as technical assistance.
He told over 400 business executives from across the world that the amount of money spent by African countries to hire foreign technical experts represented 35 per cent of total official development aid to the continent.
Mr Museveni said for Africa to advance, it must tape and utilise the scientific and technological knowledge and skills of the African Diaspora. He said the African Union has declared Africans in Diaspora a formidable force for the continent's transformation.
The World Bank, in its Global Development Finance 2005 report, indicated that remittances to developing countries from overseas residents and non-resident workers increased to $126 billion(Sh126 trillion) in 2004.
The Ugandan leader said in order for foreign direct investment and capital to bring any meaningful transformation to the continent, the international trade must be transparent and relevant.
He said although export growth from the continent has more than doubled in the last ten years with the demand for African manufactured goods increasing in Europe and the US, poverty was still rampant in the continent.
"Poverty in many countries on the continent is still rampant, making economic growth fragile. Domestic savings rates remain will be below the levels required to grow at the target rate of seven per cent," he said.
The situation, according to him, has been compounded by natural disasters such as floods and droughts, external shocks such as the recent increase in oil prices and cross border spillovers of civil conflicts.
He said Uganda has opened doors to foreign investors in order to attract the requisite investment and capital. Recently, the country licensed close to 4,000 entrepreneurs committing over $ 8bn(Sh8 trillion)in actual investment. In FDI, Uganda received $307 million about Sh307 trillion) in 2006 which was an increase of $50 million about (Sh50 trillion) from the level of 2005.
Tanzania received FDI amounting to $473 million (Sh473 trillion) last year, according to the director general of the Tanzania Investment Centre, Mr Emmanuel ole Naiko.
President Museveni said Uganda has recorded a Gross Domestic Product growth averaging 6.5 per cent over the last 10 years. During the same period inflation has been put under control and has maintained a single digit.
"There are no restrictions to 100 per cent foreign ownership of investments and no barriers to remittance of dividends," he said, adding that the foreign exchange market has been wholly liberalised since the late 1990s.
By Zephania Ubwani, Arusha
President Yoweri Museveni of Uganda told an international forum held here recently that human capital flight out of Africa is alarming.
He said the flight continues unabated and that the trend should be checked as the continent is losing a formidable force.
He told the 4th African World Business Congress
that an estimated 20,000 doctors, university lecturers, engineers and other professionals are leaving the continent annually since 1990.
"There are currently over 300,000 highly qualified Africans in the Diaspora, 30,000 of these are PhDs holders, he said in a speech read on his behalf by the Ugandan minister of state, Foreign Affairs Mr Isaac Musumba.
Africa is losing its skilled workforce, while the
continent is spending $4 billion(Sh4 trillion) a year to employ 100,000 experts from the Western countries to perform generically described as technical assistance.
He told over 400 business executives from across the world that the amount of money spent by African countries to hire foreign technical experts represented 35 per cent of total official development aid to the continent.
Mr Museveni said for Africa to advance, it must tape and utilise the scientific and technological knowledge and skills of the African Diaspora. He said the African Union has declared Africans in Diaspora a formidable force for the continent's transformation.
The World Bank, in its Global Development Finance 2005 report, indicated that remittances to developing countries from overseas residents and non-resident workers increased to $126 billion(Sh126 trillion) in 2004.
The Ugandan leader said in order for foreign direct investment and capital to bring any meaningful transformation to the continent, the international trade must be transparent and relevant.
He said although export growth from the continent has more than doubled in the last ten years with the demand for African manufactured goods increasing in Europe and the US, poverty was still rampant in the continent.
"Poverty in many countries on the continent is still rampant, making economic growth fragile. Domestic savings rates remain will be below the levels required to grow at the target rate of seven per cent," he said.
The situation, according to him, has been compounded by natural disasters such as floods and droughts, external shocks such as the recent increase in oil prices and cross border spillovers of civil conflicts.
He said Uganda has opened doors to foreign investors in order to attract the requisite investment and capital. Recently, the country licensed close to 4,000 entrepreneurs committing over $ 8bn(Sh8 trillion)in actual investment. In FDI, Uganda received $307 million about Sh307 trillion) in 2006 which was an increase of $50 million about (Sh50 trillion) from the level of 2005.
Tanzania received FDI amounting to $473 million (Sh473 trillion) last year, according to the director general of the Tanzania Investment Centre, Mr Emmanuel ole Naiko.
President Museveni said Uganda has recorded a Gross Domestic Product growth averaging 6.5 per cent over the last 10 years. During the same period inflation has been put under control and has maintained a single digit.
"There are no restrictions to 100 per cent foreign ownership of investments and no barriers to remittance of dividends," he said, adding that the foreign exchange market has been wholly liberalised since the late 1990s.
Museveni alarmed by human capital flight
President Museven
By Zephania Ubwani, Arusha
The Citizen
President Yoweri Museveni of Uganda told an international forum held here recently that human capital flight out of Africa is alarming.
He said the flight continues unabated and that the trend should be checked as the continent is losing a formidable force.
He told the 4th African World Business Congress
that an estimated 20,000 doctors, university lecturers, engineers and other professionals are leaving the continent annually since 1990.
"There are currently over 300,000 highly qualified Africans in the Diaspora, 30,000 of these are PhDs holders, he said in a speech read on his behalf by the Ugandan minister of state, Foreign Affairs Mr Isaac Musumba.
Africa is losing its skilled workforce, while the
continent is spending $4 billion(Sh4 trillion) a year to employ 100,000 experts from the Western countries to perform generically described as technical assistance.
He told over 400 business executives from across the world that the amount of money spent by African countries to hire foreign technical experts represented 35 per cent of total official development aid to the continent.
Mr Museveni said for Africa to advance, it must tape and utilise the scientific and technological knowledge and skills of the African Diaspora. He said the African Union has declared Africans in Diaspora a formidable force for the continent's transformation.
The World Bank, in its Global Development Finance 2005 report, indicated that remittances to developing countries from overseas residents and non-resident workers increased to $126 billion(Sh126 trillion) in 2004.
The Ugandan leader said in order for foreign direct investment and capital to bring any meaningful transformation to the continent, the international trade must be transparent and relevant.
He said although export growth from the continent has more than doubled in the last ten years with the demand for African manufactured goods increasing in Europe and the US, poverty was still rampant in the continent.
"Poverty in many countries on the continent is still rampant, making economic growth fragile. Domestic savings rates remain will be below the levels required to grow at the target rate of seven per cent," he said.
The situation, according to him, has been compounded by natural disasters such as floods and droughts, external shocks such as the recent increase in oil prices and cross border spillovers of civil conflicts.
He said Uganda has opened doors to foreign investors in order to attract the requisite investment and capital. Recently, the country licensed close to 4,000 entrepreneurs committing over $ 8bn(Sh8 trillion)in actual investment. In FDI, Uganda received $307 million about Sh307 trillion) in 2006 which was an increase of $50 million about (Sh50 trillion) from the level of 2005.
Tanzania received FDI amounting to $473 million (Sh473 trillion) last year, according to the director general of the Tanzania Investment Centre, Mr Emmanuel ole Naiko.
President Museveni said Uganda has recorded a Gross Domestic Product growth averaging 6.5 per cent over the last 10 years. During the same period inflation has been put under control and has maintained a single digit.
"There are no restrictions to 100 per cent foreign ownership of investments and no barriers to remittance of dividends," he said, adding that the foreign exchange market has been wholly liberalised since the late 1990s.
By Zephania Ubwani, Arusha
President Yoweri Museveni of Uganda told an international forum held here recently that human capital flight out of Africa is alarming.
He said the flight continues unabated and that the trend should be checked as the continent is losing a formidable force.
He told the 4th African World Business Congress
that an estimated 20,000 doctors, university lecturers, engineers and other professionals are leaving the continent annually since 1990.
"There are currently over 300,000 highly qualified Africans in the Diaspora, 30,000 of these are PhDs holders, he said in a speech read on his behalf by the Ugandan minister of state, Foreign Affairs Mr Isaac Musumba.
Africa is losing its skilled workforce, while the
continent is spending $4 billion(Sh4 trillion) a year to employ 100,000 experts from the Western countries to perform generically described as technical assistance.
He told over 400 business executives from across the world that the amount of money spent by African countries to hire foreign technical experts represented 35 per cent of total official development aid to the continent.
Mr Museveni said for Africa to advance, it must tape and utilise the scientific and technological knowledge and skills of the African Diaspora. He said the African Union has declared Africans in Diaspora a formidable force for the continent's transformation.
The World Bank, in its Global Development Finance 2005 report, indicated that remittances to developing countries from overseas residents and non-resident workers increased to $126 billion(Sh126 trillion) in 2004.
The Ugandan leader said in order for foreign direct investment and capital to bring any meaningful transformation to the continent, the international trade must be transparent and relevant.
He said although export growth from the continent has more than doubled in the last ten years with the demand for African manufactured goods increasing in Europe and the US, poverty was still rampant in the continent.
"Poverty in many countries on the continent is still rampant, making economic growth fragile. Domestic savings rates remain will be below the levels required to grow at the target rate of seven per cent," he said.
The situation, according to him, has been compounded by natural disasters such as floods and droughts, external shocks such as the recent increase in oil prices and cross border spillovers of civil conflicts.
He said Uganda has opened doors to foreign investors in order to attract the requisite investment and capital. Recently, the country licensed close to 4,000 entrepreneurs committing over $ 8bn(Sh8 trillion)in actual investment. In FDI, Uganda received $307 million about Sh307 trillion) in 2006 which was an increase of $50 million about (Sh50 trillion) from the level of 2005.
Tanzania received FDI amounting to $473 million (Sh473 trillion) last year, according to the director general of the Tanzania Investment Centre, Mr Emmanuel ole Naiko.
President Museveni said Uganda has recorded a Gross Domestic Product growth averaging 6.5 per cent over the last 10 years. During the same period inflation has been put under control and has maintained a single digit.
"There are no restrictions to 100 per cent foreign ownership of investments and no barriers to remittance of dividends," he said, adding that the foreign exchange market has been wholly liberalised since the late 1990s.