Uganda promotes bankable investment projects in China
Vice President Kiwanuka Ssekandi who led the delegation to Chongqing, China.
What you need to know:
First step. To achieve this government held an investment seminar in Chongqing, China last week
Kampala.
The Uganda government has hatched a plan that will increase Chinese investments into the country as a way of creating jobs for the jobless youth population in the country.
To achieve this, government through the Uganda Investment Authority (UIA) has earmarked 14 projects worth $6 billion (Shs21.2 trillion) to Chinese potential investors.
To this effect, government and UIA delegation led by Vice President Edward Kiwanuka Ssekandi held an investment seminar in Chongqing China last week.
Mr Sekandi welcomed Chinese enterprises to invest in Uganda for export, citing the availability of industrial parks being established all over the country.
In a communication issued to Daily Monitor, Mr Hamza Galiwango, the UIA director lands development, said: “Some of the projects which are bankable that we are promoting include crude oil export pipeline development, Kampala rapid highway system, iron ore processing, geothermal exploration and development.”
Mr Galiwango outlined the opportunities available to the Chinese to invest in Uganda, including political and social stability, richness in natural resources, and abundance of high quality and youthful labour force.
He also assured the potential investors of security of their investment since Uganda has signed a number of strategic business and trade agreements with various countries. He highlighted investment opportunities in transportation, agriculture, tourism and energy.
In recent years, China has been involved in a series of projects in infrastructure including Entebbe International Airport, the national information communication hub network and hydro-power projects.
The Ugandan delegation pointed out that these projects have not only created employment opportunities for Ugandans, but also increased the country’s national income as well as enabled the flow of China’s capital and technology to Uganda.
According to investment data from UIA, China has, for the last three years, topped the list of the top ten foreign direct investment sources in Uganda.
Trade volumes
Details. According to data from the Ministry of Trade, Industry and Cooperatives, total trade between Uganda and China reached about $932.8 million (Shs3.3 trillion) in 2015 with Uganda’s exports to China contributing $57.7 million (Shs201 billion). China’s exports to Uganda contributed $ 875.1 million (Shs3 trillion). China ranks second as Uganda’s major source of imports after India.
