A visiting Indian business delegation led by vice president Mohammed Ansari have been urged to mobilise more investments to Uganda.
According to Trade minister Amelia Kyambadde, Uganda’s current investment climate is very ‘ripe’ than ever before for investors to inject minimal capital and harvest much.
“I know you have been investing in Uganda but you could ask why invest more in a small market of 34 million people. I know India has a population of more than a billion people. Uganda is a member of East African Community, Comesa and SADC where you will access an additional huge market of more than 300 million people,” she said.
Speaking at a bilateral trade meeting organised by Private Sector Foundation of Uganda (PSFU) at Kampala Serena Hotel on Wednesday, Ms Kyambadde told the delegation that majority of Ugandans are youth that make the country have comparative advantage over its neighbours.
The executive director PSFU, Mr Gideon Badagawa, said the bilateral meeting was to strengthen trade ties between the two countries.
“We are here to see how the business community from India and Uganda can harness trade,” he said.
Vice President Edward Sekandi urged the investors to consider setting up factories in Uganda to create jobs for Uganda youth and also balance trade that is in favour of India.
In response to Uganda’s request, Mr Ansari said: “Most of the goods manufactured in India can be manufactured here with the same knowledge and material at a cheaper rate. This is the message I am taking back home. But I encourage our companies to continue investing in Uganda,” he explained.
India and Uganda established diplomatic relations in 1965 and each maintain a High Commission in the other’s capital. The Indian High Commission in Kampala has concurrent accreditation to Burundi and Rwanda. Uganda hosts a large Indian community and India–Uganda relations cover a broad range of sectors including political, economic, commercial, cultural and scientific cooperation.