UGANDA, Kampala | Real Muloodi News | EDITOR’S NOTE: This article has been updated to include a video of Hamis Kiggundu’s rousing speech to UAE investors.
Tycoon Hamis Kiggundu escorted H.E. President Museveni to United Arab Emirates (UAE) this week, to woo Investors to Uganda.
President Museveni gave an address at the the UAE-Uganda Presidential Initiative on Investment Summit held in the capital, Abu Dhabi, and Tycoon Mr Kiggundu was humbled and honored to be invited by the President to discuss partnerships for Agro-Processing, value addition and setting up Ham Agro Bank.
The young tycoon has received several invitations from Museveni to discuss how to build wealth and invest for good returns, for example to speak to MPs during orientation at Kyankwanzi in May 2021.
While addressing the Investment Summit, President Museveni appealed to the UAE business community to come and invest in Uganda and take advantage of the many untapped opportunities available in the country.
The President told participants that although Uganda’s economy is growing at 6% per annum, the economy has great potential to grow faster, describing Uganda and the African continent as a gold mine with many untapped business and investment opportunities that he encouraged the UAE investors to take advantage of.
President Museveni also made a case for Uganda’s young skilled labour force to provide the required labour at an affordable remuneration.
To compliment the President’s remarks, Mr Kiggundu also gave a compelling speech to give confidence to UAE investors during the round table at the summit.
He told the audience how he started as a young man doing business in garments, then moved into real estate and started doing commercial buildings, and from there continued expanding his very successful business empire.
“I’m currently putting up a stadium worth approximately USD 200 million dollars, I am putting up 500 houses in Uganda, and now I am moving into agro processing and value addition,” he explained.
“So, if I can make it in Uganda to almost a billion dollar company with Ham Group of Companies, Uganda has the opportunities for you to make money so long as you come with sufficient capital,” he urged the investors.
“Right now, Uganda has a population of approximately 45 million Ugandans, out of which 80% of the population is young and energetic. What they need now productivity. We have good fertile soils, we have good climate, and a young energetic population,” said the tycoon, adding, “All we need is agro processing zones, to add value to our agro produce for which we have the manpower, and then we shall take care of the domestic market through import substitution, and then look to the international market.”
“So I call upon you and I give you confidence that Uganda has got all it takes to make it, just like I have made from nothing… and now I own a company that is worth a billion dollars,” he concluded.
Museveni spent 3 working days meeting investors at the summit. He also met and held talks with UAE’s president, Sheikh Mohamed bin Zayed Al Nahyan.
In addition to exploring partnerships with UAE investors for agro-processing and value addition, Mr Kiggundu is also looking to set up Ham Agro Bank.
Mr Kiggundu said in a Tweet that these projects “will see majority of Ugandans become direct beneficiaries and participants in the development of our motherland”.
I am currently in the #UAE discussing business partnerships for Agro-Processing, value addition and setting up #HamAgroBank which will see majority of Ugandans become direct beneficiaries and participants in the development of our motherland. For God and my Country. pic.twitter.com/OanRTAIWPa
— Hamis Kiggundu (@KiggunduHamis) January 17, 2023
President Museveni was also accompanied by Finance minister Matia Kasaija, Energy minister Ruth Nankabirwa, Minister of state for Foreign Affairs Henry Oryem and State Minister for Agriculture Frank Tumwebaze.
Other members of the delegation included Kampala Capital City Authority executive director Dorothy Kisaka and the permanent secretaries of Foreign Affairs and Agriculture ministries.
The trip was President Museveni’s first cross-border official visit for the year 2023, and his priorities are similar to those presented in his trip to Vietnam, which he undertook in December last year.
WATCH: Hamis Kiggundu’s Rousing Speech to UAE Investors:
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