Supreme Gold Corporation team getting their Letter of Intent from the State Minister for Investment, Evelyn Anite. The company is investing USD 75 million in the mining sector.
President Yoweri Museveni has called on investors to consider Uganda as a top investment destination, saying there are many untapped lucrative areas.
Opening the Afro-Indian Investment Summit 2022 at Speke Resort, Munyonyo as the chief guest, Museveni said the country is characterized by the 3Ps (Peaceful, Pleasant and Profitable). He told investors that once they invest in Uganda, they are assured of market locally, regionally and internationally.
The President added that once the issue of railway transport is sorted, the cost of doing business will come down.
The President says he now wants investors in areas of Phosphate/fertilisers and electric car battery manufacturing.
By noon, over ten investors had picked letters of intent to do business in Uganda and these are worth US$169.5 million (Shs633.69bn).
The companies include Gold Supreme Corporation, NK Techno Lab, Hala Group, UKB Electronics, Chandaria Investment Limited and Norvik International among others.
The companies want to invest in areas of manufacturing, mining, beverage, paper recycling and value addition among others.
Speaking at the Summit, Finance Minister, Matia Kasaija said despite the economic shocks brought about by Covid-19, the economy is moving and improving to the extent that while it dropped to 3% (because of Covid), it has again started growing at 4.67%.
Kasaija says government is putting in place social service such as water, power and roads to ease doing business in the country.
Uganda Investment Authority (UIA) Chairman, Morris Rwakakamba, described investing in Uganda as attractive, profitable and provides a lot of benefits.
The two-day Summit concludes tomorrow, Friday.
