Museveni woos Arab investors “Investments worth US$650M signed” in areas of health, agribusiness, energy, infrastructure & mining through the Uganda Investment Authority.
“Uganda is the best destination for investment”.President Yoweri Kaguta Museveni has said that Uganda is one of the best destinations for investment in the world because of the good security, infrastructure, weather, and markets among others.
“You can mobilize the rich people here to come and invest in Uganda mainly in the sectors of steel production, fertilizers, energy, and Agro-processing,” he said.
President Museveni was last evening (Saturday) meeting groups of prospective investors from different organizations at St. Regis Hotel in Abu Dhabi, United Arab Emirates.
While meeting a group of investors from the Abu Dhabi Chamber of Commerce, President Museveni emphasized the need for Hydro energy or wind energy development
“We have the law materials which makes it cheaper for production,” he said.
The First Chairman of the Board of Directors, Abu Dhabi Chamber of Commerce, Dr. Ali Saeed bin Aarmal revealed that they have a factory already in Uganda that exports fruits, vegetables, fish, etc. to the United Arab Emirates. He pledged to support any potential Ugandan company in UAE to cooperate in the areas of investment.
Abu Dhabi Chamber of Commerce coordinates all business people in agriculture, industries, infrastructure, and services in Abu Dhabi.
Other groups were from Abu Dhabi Development Fund, which finances big projects in Infrastructure and Streit Group, one of the largest companies to manufacture Armored vehicles in the world.
Streit Group is currently constructing a factory for armored vehicles in Nakasongola and is expected to start its operations in November this year.
President Museveni said, “Am here to tell you that in Uganda there are potential products, and infrastructure is good and there is a market”.
Apart from the market of 45 million Ugandans, the President said there is a market for the 1.4bn Africans where one can sell their products if they chose to invest in Uganda.
According to Uganda’s Ambassador to the UAE Kibedi Zaake, the Economic cooperation between Uganda and UAE has grown over time.
“In 2018 Uganda was exporting products worth US$600million to UAE, however, today Uganda exports US$1.25billion,” Amb. Kibedi said.
Museveni invited the investors to visit Uganda and have more details for their intended investments. In the meeting, the 3rd deputy Prime minister, Rukia Nakadama, Minister of Finance, Planning and Economic Development Matia Kashaija, Minister of Foreign Affairs Jeje Odong, Minister for Agriculture Frank Tumwebaze, and the Minister for Tourism Tom Butime among others were in attendance.