Government has asked Indian investors to take advantage of Uganda’s stability and undiscovered business opportunities to invest in different sectors of the economy.
Over 40 private investors led by the Export-Import Bank of India (EXIM) who are visiting the country were Monday wooed to utilize the conducive investment environment that the country offers
The investors are in the country to explore more on Uganda’s economy and investment potential.
Finance Minister, approved Matia Kasaija said although the Uganda’s economy still faces challenges like high electricity rates, visit this site high inflation rates and high interest rates, the advantages associated make it a relatively favorable investment country.
Kasaija cited Uganda’s stability, favorable government policy and a young, energetic and relatively cheap labor as some of the advantages Uganda possesses.
“Uganda is centrally located; we have a lot of unexploited investment areas and our big population that is young, educated and jobless would offer the best labor for your industries and businesses once there are set here,” he said.
“Although we still have challenges as a country, we are working tirelessly on those challenges so that they can be resolved soon. Investing in Uganda at this time will be a very good adventure for any foreigner,” Kasaija added.
Sheilah Mugyenzi, the Deputy Director Investment Promotion, Uganda Investment Authority (UIA) said Uganda’s 35 million people, its $27 billion GDP and 5.4% annual projected growth rate makes it a fresh ground for investment.
“We have a lot of areas where you can invest like the agriculture sector which needs to be modernized, technology, housing, education, health and many other sectors. All these areas need funding,” she said.
“We can guarantee that you will recover your money and get profits a short time because we offer tax holidays and other incentives that make it favorable to do business in Uganda,” Mugyenzi added.
EXIM Bank Chairman and Executive Director, Yaduvendra Mathur said India was ready to invest in any needy sector of Uganda so long as there are guarantees from the government and the investors.
“We are ready to lend money through the local banks that are on the ground to any Indian investor who wants to establish a business here in Uganda,” he said.
“India has a presence in Uganda through the many Indian companies that are very successful here like Mukwano group of companies, Ruparelia group of companies and many others. If there is guarantee that the money will be recovered we do not have any problem with funding any project,”Yaduvendra assured the Indian investors and the Ugandan community.