Ugandan President Yoweri Kaguta Museveni on Sunday April 13, 2018 met investors from the MAN Group of India that specializes in the production of coating and insulation for oil pipelines, Business Focus understands.
MAN is one out of four companies in the world that is in this line of business.
Sources reveal that MAN was sourced through the Nile Competitiveness Initiative, a Presidential Advisory Group that Museveni set up last year to facilitate and promote investments in the country.
MAN, with annual turnover of US 4 billion has made an investment decision to develop a factory to manufacture coatings in Uganda.
A $ 60 million (Shs222.5bn) investment will create 1,200 jobs, enhance government revenue and reduce the need for forex to import coatings .
The factory will be strategically located along the oil pipeline route in western Uganda that has been identified.
The investment comes at a time when Uganda’s oil and gas sector is starting to take shape.
In his remarks, Museveni welcomed the investors and pledged his full support for the project and emphasized the need to quickly put the investment on the ground so that it ties with the government timelines on developing the oil and gas sector.
He advised the investors to consider expanding their business concept and include manufacturing of oil pipeline sheets.
Chairman of MAN, Manschukani, thanked the President for his support and reiterated his commitment to have the factory done, 6- 8 months, upon receiving all the necessary approvals.
The meeting was attended by Indian High Commissioner to Uganda, The Chairman, Nile Competitiveness initiative, Stephen Kaboyo and Pradip Karia, a Member of NCI and Proprietor of Property Services.