German investment interest in Uganda is increasing every passing year.
This was revealed by Richard Tebandeke, the Director Finance and Administration at Uganda Investment Authority (UIA) during a recent meeting with the 12 man German business delegation led by the German African Business Association. Tebandeke met them on behalf of the Executive Director UIA.
He informed them that over the last twenty seven years, Uganda Investment Authority has registered 62 projects from Germany with a total planned investment of USD 104, 553,572 and 7,199 planned jobs in sectors that include Agriculture, Tourism, and Infrastructure.
He further informed the delegation that Uganda is open for business and has a one stop center with an online portal through which investors both domestic and foreign are be able to meet their needs in one location.
He also informed the delegation that the Government of Uganda had identified priority sectors that include ICT and mineral beneficiation, energy, agro-processing and services like energy through which investment will enable Uganda attain her development goals sustainably
The Head of the delegation and CEO of the German African Business Association, Christoph Kannengierber appreciated UIA’s support towards the success of their business trip to Uganda.
He informed the officials that for the last 85 years, they’ve been organizing the German Business Private Sector investment on the African continent due to the strong and growing investment and business ties with East Africa and sub Saharan Africa as a whole.
He said that last year, a very successful business trip resulted into 10 tangible investments being set up in Uganda in sectors such as Energy, Machinery, ICT and Education and all the visiting delegates were inspired to comeand seek partnerships with Ugandans. “We believe that Uganda is full of opportunities since it is a growing economy with a subsequent role in the integration of the East African Community. We are attracted by the country’s hard work in providing a positive business climate for investors and we are making this better known in German to increase German investments in Uganda.” He said.
The New German Ambassador to Uganda Dr. Albrecht Conze informed the people that the renewed and accrued interest of the German government to change their attitude towards Uganda and East Africa in general is because of the recent G20 initiative that was championed by Chancellor Merkel. It put the economic cooperation in terms of trade and investment at a much higher level than it used to be in terms of their priorities and attitudes towards investing in African countries.
He added that they have a strong interest in agro processing and exportation of finished products, water transport on L. Victoria, Infrastructural development and energy.