Uganda’s President Yoweri Museveni on Sunday reached an agreement with Chinese investors on three key projects.
The investors met the president at State House, Entebbe, accompanied by the Asian giant’s ambassador to Uganda.
“I witnessed the signing of Memorandum of Understanding between the investors and the Uganda government for three key projects,” Museveni wrote on his social media accounts on Sunday.
The East Africa-China Manufacturing, Trade and Exhibition Centre to be set up in Bugolobi will be a one-stop centre for all Chinese merchandise and personnel for various sectors they are involved in.
According to the president, this project, with a capital investment of $200m, will resolve the issue of Chinese entrepreneurs engaging in small businesses and competing with local traders.
This arrangement will help in enforcement of tax and work permits as well as cut importation costs for Ugandan traders.
The second project is a three-fold venture in food export, particularly beef. Worth $20m, the factory will need 200 animals per day.
“Our farmers should take this opportunity to expand our beef market to China. I am confident we have the capacity considering our cows are still totally dependent on natural grass,” the president added.
The beef processing venture will also make collagen peptides out of the bones left after cutting off meat. This is a health booster to be sold locally and supplied to China too.
The last project seeks to resolve the transport congestion problem in Kampala.
“The Kampala Metropolitan Rapid Bus Transport project is a necessity. We should not continue to have so many cars with limited capacity,” he wrote.
The investor is expected to construct 26 rapid bus stations, 420 stage shelters and an initial 400 buses with a carting capacity of 74 passengers.
“I know that many people have invested in taxis and boda bodas. I have suggested to the investor that taxi owners under their umbrella group be given an opportunity to buy shares in the bus company,” the president said.
He added, “I will sit with the taxi and boda boda authorities to consolidate a favourable way forward for all parties.”