Prime
Dubai Expo: Uganda ties down $900m in a week
Senior government officials (including Trade minister Francis Mwebesa, Information and CT Minister Chris Baryomunsi) and Private Sector Foundation boss Elly Karuhanga, and Presidential CEO Forum chairperson Barbara Mulwana after making presentations before investors during the ongoing Dubai Expo yesterday. PHOTO | ISMAIL MUSA LADU
Uganda has negotiated a combined investment deal amounting to nearly $900m (about Shs3.2 trillion) in under one week, senior officials representing the country at the Dubai 2020 Expo have said.
Mr Elly Twineyo, the executive director of Uganda Export Promotion Board (UEPB), said the efforts will ultimately result in employment of more than 100,000 Ugandans.
Hardly 24 hours after Uganda celebrated its National Day at the six-month long Dubai 2020 Expo, it nailed down a $650m (about Shs2.3 trillion) combined deal before tying up other deals. These reportedly took it to the $900m by close of business Monday.
The Uganda Investment Authority (UIA) says the investment deals signed spawn various economic sectors, including healthcare, energy and transportation.
Money, money, money!
One of the deals — whose letters of intent were witnessed by Finance minister Matia Kasaija at the Uganda Pavilion on Monday — commits about $500m (about Shs1.8 trillion) for renewable energy and transportation projects. Another $50m (about Shs176b) has been ring-fenced for mineral processing, with a similar amount also channeled into a new pharmaceutical facility to “manufacture high quality diagnostics kits for HIV/Aids, Malaria, TB, and other POC diagnostic technology.”
A Letter of Intent is a document outlining the understanding between two or more parties, which they intend to formalise in a legally binding agreement.
The expo is being held under three sub-themes: opportunity, sustainability and mobility. Uganda is participating under the “opportunity” theme, with Uganda’s expo theme being ‘Right Place, Right Time.’ President Museveni described the theme as fitting, saying Uganda is well poised to seize economic opportunities.
Mr Robert Mukiza, the UIA director- general, noted that the announcement of the $650m investment secured on Monday is part of the country’s broader ambition to bring in $4b (Shs14 trillion) of new investment into Uganda.
He added that this is intended to “propel the country forward as it embarks on its post-pandemic recovery journey.”
He said: “We are currently promoting about 79 bankable projects at different stages of development that are ready for investment. These projects can be actualised through Public Private Partnerships, joint ventures, private or public arrangements, and some are greenfield, brownfield or expansion projects.”
Sheikh Nahyan bin Mubarak Al Nahyan, the minister of Tolerance and Coexistence and the commissioner-general of Dubai Expo 2020, earlier noted “…we hope to expand the horizon of our partnership into new fields across biodiversity, agro-processing, renewable energy and tourism.”
Meanwhile, in their presentations at the Uganda Tourism and Trade Forum yesterday in Dubai, senior government ministers and officials did their best to project Uganda as the ultimate investment destination.
Trade minister Francis Mwebesa told the investors that Uganda’s policies favour private sector development and competitiveness.
ICT minister Chris Baryomunsi’s message was compressed in a one-liner “until you come to Uganda, you haven’t been to Africa.”
Elsewhere, Agriculture minister Frank Tumwebaze noted that with 82 percent of its land arable, Uganda is ready for commercial agriculture.
Ms Geraldine Ssali, the Ministry of Trade permanent secretary noted that Uganda is a global player and as such, is ready to play at an international level. The Uganda Development Corporation (UDC), the government investment arm, said it can’t wait to collaborate or even refer investors for partnership with local investors.
Letter of Intent signed with different players
Connect LLC: The UAE conglomerate has a raft of projects it will undertake in Uganda, including a renewable energy project that will generate electricity. It will also provide smart energy, storing last mile supply and billing of all utilities and the planning and building of innovative public transport routes. Planned investment: &500m (Shs1.8 trillion).
Guangzhou Wondfo Biotech Co: A high-tech company founded in 1992 and headquartered in Guangzhou, China. It has manufacturing plants in China, USA, Mexico, Kazakhstan and Brazil. The company is to invest in a pharmaceutical facility to manufacture diagnostics kits for HIV/Aids, Malaria, TB, and other POC diagnostic technology. Planned investment: $50m (about Shs176b).
Worldera Corporation: An industrial, manufacturing, shipping and commodity trading company resident in Dubai. The company plans to invest in mineral processing focusing on gold, gemstones, limestone, gypsum, clinker, the agricultural sector, focusing on palm oil and the education sector and to set- up vocational training centres. Planned investment: $50m.
Modern Group: The conglomerate will make extensive investments in a number of areas that include manufacturing of tiles, ethanol, pharmaceutical and agriculture, as well as developing mining operations in Uganda. Planned investment: $50m.
Modha Investments: It is a global financing conglomerate investing in commercial agriculture, food processing, agreed a multimillion dollar commitment under a further memorandum of understanding signed yesterday. They will focus on the development and commercialisation of cashew nuts, macadamia nuts and hass avocado in Uganda. The company has established a wide market in Europe, Asia and UAE for the supply of hass avocado and nuts.
Dog Yapı İnşaat Tur. Enerji Ur San. Ve. Tic. A.: It is a Turkish company intending to construct industrial and business parks that will include faculties such as fruit and vegetable wholesale market, a truck station, cold stores, warehouses and slaughterhouses
