The government of Uganda has announced that it has so far signed deals with potential investors worth $650 million at the World Trade Expo in Dubai, United Arab Emirates.
The investment deals were signed on Monday, 04 October 2021 by Finance minister Matia Kasaija and Uganda Investment Authority (UIA) Executive Director Robert Mukiza on behalf of Uganda and several companies.
“We salute the Investors who have already signed investment deals with us. I give you assurance that you have made a right decision to invest in Uganda. We shall give you all the necessary support as we thrive together,” Mr Kasaija said in Dubai on Monday.
Mr Mukiza said the investment deals are in the different areas of investment, manufacturing, tourism, and agriculture, among others.
He added that by the end of the expo, which is six months away, the country is looking at cashing in more than $4 billion worth of investments which should translate into hundreds if not thousands of jobs.
Among the companies that will invest in Uganda is the UAE-based company Connect, which will invest $500m in the country. Connect will pursue a variety of projects in Uganda, including a renewable energy initiative that will generate electricity and provide smart energy storage.
Wondfo Biotech, a company based in Guangzhou, China, will invest $50m in a pharmaceutical plant in Uganda to manufacture diagnostics kits for HIV/Aids, malaria and tuberculosis, and other point-of-care diagnostic technology.
UIA also said it had signed a deal with business conglomerate Modern Group, which will invest $50m in manufacturing, agriculture and mining.
The UIA has also teamed up with Dubai-based Worldera Corporation – an industrial, manufacturing, shipping and commodity trading company, which plans to invest $50m in various areas including mineral processing, agriculture and education sectors.
Modha Investments, a global financing conglomerate that invests in commercial agriculture and food processing, also agreed a multi-million-dollar commitment in Uganda, UIA said. This investment will bring more than 5,000 jobs directly to farmers in Uganda.
Others that have so far signed investment deals with Uganda are Turkey’s Dog-Yap Insaat Tur.Enerji Urt. San. Ve Tic, which plans to construct an agro industrial business park with cold stores, meat and poultry slaughter houses as well as a whole sale fruit and vegetables market.
The ongoing Dubai Expo also known as World Expo is being hosted from October 01, 2021 to March 31, 2022. The Expo was originally scheduled for October 20, 2020 to April 10, 2021, was postponed due to the Covid-19 pandemic.
During the opening ceremony of the Uganda National Day during the World Trade Expo in Dubai, UAE, on Sunday, President Museveni made a case for Uganda as an investment destination, saying the country is well placed to facilitate trade and investment across the continent.
Other fruits of the expo for Uganda include the planned visit by the the Crown Prince of the Emirate of Abu Dhabi, and the de facto ruler of Abu Dhabi Sheikh Mohamed bin Zayed bin Sultan Al Nahyan to
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