UGANDA, Kampala | Real Muloodi News | Morrison Rwakakamba, the Uganda Investment Authority (UIA) chairperson, revealed during interviews with several media houses that Uganda signed investment deals worth UShs3.2 trillion at the Dubai Expo, which ran from October 5th – 11th.
The commitments include investments in several sectors, such as renewable energy, agriculture, transport, manufacturing medical kits and mineral processing.
According to Robert Mukiza, the director-general of the Uganda Investment Authority, Uganda hopes to attract about $4 billion from the new investment to fuel its post-pandemic recovery.
Uganda is promoting 79 bankable projects which are at different development stages, all of which are ready for investors.
“These projects can be actualised through public-private partnerships, joint ventures, private or public arrangements … some are greenfield, brownfield or expansion projects. Our partners therefore have a wide variety of investment options to pick from,” Mr Mukiza said.
According to Morrison, the UIA also signed a letter of intent with Connect, and it will invest US$500m in Uganda. Connect company, a UAE-based company will pursue several projects, including a renewable energy initiative that will generate electricity and provide smart energy storage.
Wondfo Biotech, a company based in Guangzhou, China, will also invest US$50m in a pharmaceutical plant in Uganda. The plant will manufacture diagnostic kits for deadly illnesses such as HIV/Aids, malaria and tuberculosis, and other point-of-care diagnostic technology.
The UIA has also teamed up with Worldera Corporation to invest US$50m in several sectors such as mineral processing, agriculture and education sectors. Worldera Corporation deals in industrial, manufacturing, shipping and commodity trading based in Dubai.
The UIA chairperson further confirmed they had signed a deal with the business conglomerate Modern Group, investing US$50m in manufacturing, agriculture, and mining in Uganda.
Uganda pavilion at the Dubai Expo site is in the ‘opportunities’ area, intended to promote Uganda as a destination for trade and a transport and logistics centre. The pavilion shows emerging investment opportunities, mostly in agriculture, energy, minerals, oil and gas industries.
Uganda is one of the fastest-growing economies in East Africa, with the youngest population in the world. According to Sheikh Nahyan bin Mubarak, the UAE’s Minister of Tolerance and Coexistence, and Commissioner-General of Expo 2020 Dubai, Uganda’s presence at Expo shows a journey of growth and development.
“We look forward to working together to recover from the implications of Covid-19 and expect non-oil trade between our nations to surpass pre-Covid levels. We hope to expand the horizon of our partnership into new fields across biodiversity, agro-processing, renewable energy and tourism,” Sheikh Nahyan bin Mubarak said.
According to the UIA, Modha Investments, a global financing conglomerate, also agreed to a multi-million-dollar commitment in Uganda.
Modha Investments is a commercial agriculture and food processing company. This investment will bring over 5,000 jobs directly to farmers in Uganda.
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