President Yoweri Museveni on Saturday morning commissioned construction of a $100 million Mega City Complex, a grand joint project by two Indians and a Uganda set to be opened up in Mukono town.
The massive complex is a venture between Indian APEXR1 and Habib Investments Ltd of Uganda. APEXR1 is a joint venture of 2 Indian conglomerates, R1 CORP and APEX GLOBAL.
Under the project 1, 260 houses and 87 shops will be constructed and are designed for sale to the public.
At the function, President Museveni commended the Indian community in the country for their saving culture which he said, had enabled them succeed in their business ventures.
“The investors, who have a lot of money to build on a large scale for Ugandans to buy, are most welcome. The members of the diaspora are a big market for the finished houses. Under this arrangement it will be easy to meet the standards,” the President said.
President Museveni observed that the shopping malls were good for the local producers. He noted that it would be good if they buy Ugandan products and boost our agricultural commodities. He, however, said that these commodities need to be processed before they are delivered to the consumers.
The President observed that the Ugandan Shilling has lost value because Ugandans import too much and export less. He stressed a need to increase exports and reduce imports.
Mr. Museveni commended Al Hajji Habib Kagimu, the Managing Director Habib Investments Ltd, for inviting foreign investors to use the locally available land. He observed that Ugandans have the habit of practicing sole proprietorship which in the end compels them to over-borrow the working capital.
President Museveni saluted the rest of the Indian investors who have opened several projects in Uganda citing the Luweero poultry investments and the business park he commissioned in Kyebando in Kampala.
The Indian High Commissioner to Uganda, Dr. Ramesh Chandra saluted President Museveni for ensuring security in Uganda. He thanked him for enabling the progress of the Indian community in Uganda.
Mukono Mayor, Muyanja Senyonga, assured the investors that Municipality would enable the project to progress.