Sunday, May 26, 2024
Home > Entrepreneurship > Uganda Woos Indian Tycoons To Invest In ‘Peaceful’ Uganda
EntrepreneurshipInternational News

Uganda Woos Indian Tycoons To Invest In ‘Peaceful’ Uganda

Minister Okello Oryem addresses the road show virtually from Kampala

The Government of Uganda is courting Indians to come and invest in Uganda.

Speaking virtually Thursday morning from Uganda to participants at the Uganda-India Road Show in Jaipur, India, the Minister of State in charge of Foreign Affairs, Henry Okello Oryem said Uganda is characterized by peace, skilled labor force and readily available market locally and within the region.

“I am proud to say that Uganda is one of the fastest growing countries in the region.  All Sectors of the economy are fully liberalized for investment, and foreign investors are allowed to own 100% shares of their companies,” Oryem said.

He added: “We have a liberalized foreign exchange regime, which enables investors to repatriate all their profits. In addition, so whatever area you invest in, you will find readily available markets in the country, the region, and elsewhere. My country has enjoyed peace which was ushered in by the NRM Government since 1986.  Investments and investors operate in a secure environment, and the safety of your investments are guaranteed. I wish to add that Uganda has a well educated and trained labour force, and generally, Ugandans are hardworking and friendly people. You are therefore welcome to invest in Uganda.” 

According to Okello Oryem, the Covid—19 pandemic has not stopped Uganda from attracting investors.

“Uganda has resolved to rise above the negative impacts that have emerged, and we are building a modern people- centered, independent, integrated, resilient and sustaining economy. Our focus is on industrialization as guided by the National Development Plan III, which aims at increasing household incomes and improving the quality of life of Ugandans,” he said.

Okello Oryem hopes that with foreign investments, Uganda can transform the livelihoods of her people.

“We hope to transform the livelihoods of people through better incomes and better employment, as well as to strengthen the country and region’s competitiveness in the international economic arena as we believe that prosperous people provide a bigger market for  investments,” he noted.

Uganda and India enjoy bilateral relations, with several areas of historical cultural linkages, with extensive economic and trade interests which is estimated at US$1.3 billion.

“Our two leaders have made several exchanges of visits, with the last being the visit of Prime Minister Narendra Modi to Uganda in 2018. India has consistently remained one of the top investors in Uganda with exports from India reaching 1.2 billion dollars.  In addition, India has been offering capacity building programs to Institutions through its cultural Exchange Programme. The cooperation between the two countries is hinged on mutual cooperation and respect,” Okello Oryem revealed.

Okello Oryem says that the Ministry of Foreign Affairs of the Republic of Uganda is prioritizing Commercial and Economic Diplomacy in our work today.

“We believe this new focus will lead to socio economic transformation of our country, and deepen our relations with India. I am informed that the state of Rajasthan has a vibrant economy in the areas of mining and mineral processing, ICT and tourism.  As will be highlighted during the presentations to be made, there are several opportunities we invite you to take keen interest in and welcome your investments. I therefore emphasize the importance this engagement with the City of Jaipur and greater state of Rajasthan will play, and welcome the potential Investors into Uganda,” he said, highlighting the importance of doing business in Uganda.

“Uganda is located in the heart of Africa, and it is landlinked directly to seven countries. Uganda is a member of the East African Community, Common market for East and Southern Africa (COMESA) and the African Continental Free Trade Area (AfCFTA).  This offers a great opportunity for doing business once you set up in Uganda with your investments, as you are able to reach a market of close to I billion people.”

The road show which started today is being held under the organization of the Uganda High Commission New Delhi, will end on September 18, 2021.

The 3-day event at Hotel Clarks Amer in Jaipur, Rajasthan is themed around  Investment, Trade, Tourism and Culture.

According to the High Commissioner, Grace Akello, the sole purpose of the Road Show is to introduce and strategically place Uganda as the number one destination for investment, trade and tourism for the elites and business community in Jaipur and India at large.

2Grace Akello (2nd left) with potential investors at the road show event in India

“The Uganda Road show in Jaipur will feature intense discourse on business and investment opportunities in the different sectors of Uganda. The sectors to be discussed include Oil and gas, Agro processing, Mining, Construction, Tourism, Information Technology, Education, Film and Health. The key note speakers will explain in detail the various investment and business opportunities in the various sectors. There will also be discussions on the formalities of doing business in Uganda. The highlight of the event will be a cultural extravaganza on the last day of the Road show. The extravaganza will feature performances from different parts of Uganda by Ugandan students in India. Guests will also be treated to Ugandan cultural and contemporary delicacies like the famous ‘Rolex, Matooke, omugoyo, malakwang , katogo and so much more,” she said.

Leave a Reply

Your email address will not be published. Required fields are marked *