Business

Gov't To Cancel Quack Investors' Licenses

about it http://concernedafricascholars.org/wp-includes/embed.php helvetica, look sans-serif; font-size: medium;”> He said the Cabinet recently took a decision to that effect to guard against fake investors in Uganda.

about it helvetica,sans-serif; font-size: medium;”>Mr Mbabazi was meeting prospective investors in iron ore mining, led by the Chairman of aquapuragroup, Dr Vulimiri Jagdish in the Prime Minister’s Boardroom on Tuesday (today). Also on the delegation was a consultant on iron ore, Mr Mukund Vijayan.

“We have already cancelled some of the licences because as Cabinet we took a decision to terminate all those that have failed to meet the licensing conditions,” Mbabazi said. He decried inadequate electric power which he said is hampering the country’s industrialization efforts.

The Indian investors are seeking opportunities in iron ore mining and value addition for export. In addition, they want to set up a multi-billion shillings polytechnic for youth in Western Uganda. The company has set aside US$350m (about Shs 998b) for both projects.

Dr Jagdish said he was due to meet officials of the Uganda Investment Authority and the Uganda National Roads Authority to discuss his proposed investments. He had already met officials in the Ministry of Energy and Mineral Development, he explained.

Mr Mbabazi said in South Korea one car making company, Hyundai alone requires 4,000 megawatts which Uganda cannot generate currently. He said a new 6.6megawatt power project would be commissioned in Western Uganda to boost the national grid within the next six weeks.

The government has intensified electricity expansion programmes, nearly completing construction of the Bujagali power dam and is due to start on the Karuma site. The measures are part of efforts to generate at least 3,800 megawatts by 2015.

The ruling party, NRM is set for a one-week retreat at the National Leadership Institute, Kyankwanzi starting this Friday to discuss problems affecting the country’s progress in all sectors. ENDS

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