President Yoweri Museveni has called on African- American investors to take interest in Uganda’s blossoming real estate sector especially in areas around industrial parks spread across the country.
This, he says, will on the housing deficit the East Africa country faces.
Museveni made the remarks while meeting a delegation of African-Americans from Capital Brand Bizz at State House Entebbe.
The delegation comprised of Michael Broughton, Mark Hernandez and Damiano as well a team from Impact Brands Inc at Liao Shen Industrial Park in Kapeeka, Nakaseke District.
The President said there is need to set up affordable housing in and around the several industrial parks in the country.
According to the Uganda Bureau of Statistics, Uganda has a deficit of 2.1 million housing units, growing at a rate of 200 000 units a year.
It is estimated that by 2030, the country’s housing deficit will have reached three million units if no efforts are taken to tackle the problem.
Experts in the sector argue that the high rates of urbanisation also pose significant opportunities for developers, particularly in the affordable housing segment.
Isaac Kigozi, the Managing Director of East African Partners informed journalists that the President was impressed by the decision by the African-Americans to return and invest in their continent, saying it will be critical at reducing the balance of payment and encourage Ugandans to consume items produced by their own countries.
Kigozi said that the move is aimed at encouraging more investments in the region and market Africa as an investment hub.
“During our visit to the President, the investors were encouraged to look at venturing into the education sector by providing technical education which is tailored towards enhancing skills among Ugandans,” Kigozi said.
The Minister of State for Privatisation and Investment, Evelyn Anite said that the Ministry of Finance will provide all the necessary support to the team of investors assuring them of better policies and good working relationship from government.
“I want to thank the African-Americans for thinking of investing their hard earned resources in Uganda and Africa at large. We shall give them the support required to facilitate their investments in Uganda. As a country, we need to industrialise and create jobs so as to absorb our unemployed population, we are going to focus high quality Foreign Direct Investments from USA,” Anite said.
It should be recalled that this team of African American Investors arrived in Uganda with plans to investment USD300million approximately Shs1.1Trn with focus put on health and real estate sectors in Uganda.
The team revealed plans to invest in Neurosurgeon and their decision to invest in Uganda was informed on the peace and security Uganda is enjoying.