UGANDA, Kampala | Real Muloodi News | In the last week of March, President Museveni welcomed a delegation of investors from Austria, led by former Chancellor Alfred Gusenbauer, to discuss potential investments in housing, and other sectors.
The meeting was also attended by the Consul General of Uganda in Austria who is also the Representative of Uganda Investment Authority (UIA) in Austria, Ms Olivia Mugabe Mitterer.
President Museveni expressed his hope that the economic ties between the two countries would deepen, given the Austrian investors’ interest in various sectors of Uganda’s economy.
The President explained that Uganda needs a substantial number of institutional houses for teachers, medical personnel, police, and industrial workers, among others.
As such, he recommended that the company dealing in housing should partner with the National Enterprises of Uganda People’s Defence Forces (UPDF) and that the National Housing should explore ways to collaborate on the construction of houses.
President Museveni informed the Austrian investors that there is a significant housing deficit in Uganda and suggested that the National Enterprises of the Army and the National Housing should discuss the building of houses en-masse.
He emphasised that such a partnership would be beneficial for all parties involved.
President Museveni stated that a lot of construction is taking place in Uganda, citing industrial parks as an example.
He advised the Austrian investors to network with local architects and those in the Ministry of Housing for further partnerships.
Regarding industrial machinery, President Museveni asked the Austrian investors to take an interest in the technology and equipment for Ugandan manufacturers, particularly in processing coffee, beef, leather, fruits, milk, fish, minerals, and forest products.
He added that bamboo trees for producing paper will be included in the forest sector.
The President noted that this would be a win-win situation, as the equipment would be given to private individuals, similar to how the Danes helped with the milking equipment.
President Museveni emphasised the need to get people out of swamps due to the significant damage they are causing to the wetlands by growing rice.
He invited the Austrian investors to visit some of the swamps in the Eastern parts of the country to see the damage that rice cultivation has inflicted on the wetlands.
The President explained that wetlands are crucial in the desilting of water bodies that flow to the lake and that wetlands contribute 40% to the formation of rain.
President Museveni noted that the primary challenge in reforestation is to end encroachment as trees grow quickly.
He cited pine trees as an example, which take only seven years to mature in Uganda compared to 120 years in Sweden.
However, the President pointed out that the project would do well on bare hills where planting, harvesting, and replanting are possible.
READ MORE LIKE THIS:
Housing Equality or Real Estate Investment: You Can’t Have Both
Condominium Housing: A Highly Viable Investment Opportunity in Uganda
Diaspora Can Save and Invest Back Home with Housing Finance Bank App