Over $169 million signed in new investments

H.E Yoweri Kaguta Museveni and Hon. Evelyn Anite take a picture with part of the leadership of IAU

$169.5M was signed in new investment deals at the Afro-Indian Investment Summit in Munyonyo on the 17th and 18th of November, 2022. These commitments include $75M for Mineral Value Addition, $38M for beverage production, and $20M for manufacturing recycling paper waste and hygiene products. The deals were hailed as a significant achievement for both Uganda and particularly the Indian Community in Uganda.

Speaking at the opening of the Summit, the President of the Republic of Uganda, H.E Yoweri Kaguta Museveni said, “We consider Indians wealth creators who have a genuine interest in the development and transformation of this country. Therefore, I am calling upon them to continue investing and look to untapped areas like fertilizers, which have become expensive due to the Ukraine-Russia standoff. Uganda is peaceful, pleasant, and profitable for investment.”

Honorable Evelyn Anite, the Minister of State Privatization and Investment, praised the President for his relentless promotion of investment in Uganda; saying “We are experiencing the fundamental change necessary for this country to achieve middle-income status as well as the industrialization of Uganda. We will continue facilitating investors to ensure the growth and development of Uganda.”

“Uganda has enjoyed economic and political stability for over 30 years, which fosters a business and regulatory environment that facilitates joint venture partnerships between Uganda and foreign businesses. This method combines context, on-the-ground experience, and expertise, which strengthens businesses and expands global outreach,” added Morrison Rwakakamba, Chairman of the Board of the Uganda Investment Authority (UIA).

Robert Mukiza, Director General at the UIA said,” The first place an investor starts in this country is the UIA One Stop Center. You can get an investment license within 24 hours, work permits, environmental
licensing, banking services, and many more services under the same roof.”

Vinay Dawda, Chairman of the Summit Committee, said, “The Indian Community has played a significant role in the socio-economic development of Uganda. We have invested in various commercial
activities including agro-processing, retail, services, pharmaceuticals, manufacturing, construction, banking, information, and communication technology, the hospitality industry, and education. India has also been a consistent top investor in Uganda, with an estimated total investment of $1 billion over the
last two decades. This event showcased existing investments of Indian origin and built confidence amongst potential investors.”

The Letters of Intent (LOIs) were signed as part of the Indian Association Uganda’s (IAU) 100-year anniversary celebrations. The Summit themed “Invest in Uganda for Inclusive Prosperity” was organized by the Indian Business Forum (IBF), a branch of IAU, in partnership with the Government of Uganda’ Ministry of Finance, Planning and Economic Development and the Uganda Investment Authority.

The LOIs were signed with:

1.    Supreme Gold Corporation of Canada: initial commitment of USD75 million for mining, mineral value addition and agriculture.

2.    Chandaria Industries Limited of Kenya: initial commitment of USD20 million for paper waste and the manufacture of hygiene products

3.    Trishul Beverages Uganda Ltd: initial commitment of USD$38 million for beverage production

4.    Novec International – Morocco: initial commitment of USD$11.5 million

5.    UKB Electronics: initial commitment of USD10 million for

6.    Hala Group: initial commitment of USD10 million

7.    NK Techno labs: initial commitment of signed USD3 million

8.    Cloud4sa Group: initial commitment of USD2 million for ICT