Oliver Wonekha, Uganda’s ambassador to China.
Uganda’s ambassador to China, Oliver Wonekha has rallied Shandong investors to consider doing business in Uganda.
This was during the Investment, Trade and Tourism Promotion Conference in Shandong on Monday in what was celebration of 60 years of diplomatic relations between Uganda and China.
Shandong Foreign Affairs Office had organized what Wonekha described “very important conference that will give the Embassy a priceless opportunity to interact with prospective Chinese Investors and Business Community wishing to do Business with Uganda; and interest them in making a decision to invest in Uganda.”
According to Wonekha, Uganda and China have enjoyed warm and cordial relations since 1962.
“Out of the cordial relations for the past 60 years have come tangible outcomes like Education Scholarships, projects implemented in various Sectors of Uganda’s Economy like Agriculture, Construction, Infrastructure, ICT etc,” Wonekha said.
Shandong Province economy has well developed oil and Petro-chemical industry, Agriculture including cotton and Textile production, Machine Tools Production and Tourism Sector.
As a result, Wonekha says “It is on this basis that the Embassy seeks to further strengthen the already existing strategic relationship with Shandong province in mutually beneficial areas including Trade, Agriculture, Petro-chemical industry, Tourism, Manufacturing, Power and Infrastructure and Capacity Building.”
“Uganda seeks to explore ways to pursue economic and Trade cooperation on a win-win basis, which will include but not limited to; increase trade, access to markets, attraction of Foreign Direct Investment (FDI), technology and skills transfer, People to people exchanges among others from the People’s Republic of China into Uganda,” Wonekha added.
Wonekha says that Uganda’s Consistency and commitment to Private Sector Development is “legendary and unrivalled making Uganda a fully liberalized economy.”
She adds that “There is renewed focus to further increase profitable execution of Uganda’s abundant investment potential and so Chinese Investors are highly encouraged to advantage of this and invest in Uganda to make huge profits.”
“Uganda has grown itself to be a highly stable country over the past 30 years. According to the latest data sets from the World Bank, Uganda has one of the lowest crime rates and most stable inflation rate in East Africa – averaging 4.89%. Uganda is the Most open Economy to FDI within the EAC. According to benchmarks from Financial Times Limited, Uganda has an excellent working and living environment. Uganda Has a robust young and trainable population. Uganda’s electricity costs are competitive at 80% of Kenya’s costs. Property costs in Uganda are competitive with industrial shed monthly rents in the range of $4-6 per square metre. Large and growing domestic market of nearly 45 Million people, strategically located in the heart of Africa with a combine market of population of over 700 million in the EAC and COMESA region. Globally, Uganda has a competitive tax incentive regime,” Wonekha said, adding that “It is, therefore, my wish that we work committedly to enhance the partnership between the Chinese and Ugandan Business community for mutual benefit of our two peoples.”
“I sincerely invite companies and business people from Shandong to explore doing business in and with Uganda for maximum gain,” Wonekha added.
