United Arab Emirates to host Uganda Convention
KAMPALA, UGANDA: The United Arab Emirates (UAE) diaspora in collaboration with the Uganda Embassy in the United Arab Emirates (UAE) are organizing the third annual Uganda convention codenamed UAE-2019.
Acting Director General of the Uganda Investment Authority Lawrence Byensi is therefore calling on Ugandan business community to market their products at the convention that is scheduled for October 15-18, 2019 at the Hyatti Regency hotel hotel in Dubai.
Mr. Lawrence Byensi, UIA Acting Director General
“The United Arab Emirates predominantly depends on oil but is currently aiming to raise the share of nonoil foreign direct investments through various initiatives including the forthcoming convention,” Mr. Byensi told the media in Kampala.
He explained that the objectives of the convention include sharing information on investment opportunities, challenges, solutions and business matchmaking, an exhibition and trade fair among others.
The theme of this year’s convention is “Joining Hands To Seize Opportunities” and it was chosen so as to match with Uganda’s theme of “Park of Opportunity” for the Dubai Expo 2020.
He said that from the year 2002 to 2019 the authority has also attracted 27 projects from the United Arab Emirates.
Three of them in agriculture, hunting and fish, one in community and social services, one in Construction, one in electricity, gas and water, four in real estate, finance and business services.
“Others include nine projects investing in manufacturing and two in mining and quarrying, five in storage, transport and communication while another one has invested in wholesale, retail, catering and accommodation,” he said.
The press conference also addressed by Uganda’s envoy to the United Arab Emirates H.E Zaake Kibedi who pointed out that remittances from the United Arab Emirates have grown from $888m in the year 2014. In year 2015, they grew to $902m, to $1,146m in 2016 and to $1,375m in the year 2017.
H.EZaake Kibedi urged the Ugandan business community to exploit the trade opportunities that exist between Uganda and the UAE.
“Many Ugandan business people are yet to take advantage of the existing trade and investment opportunities that exist between Uganda and Abu Dhabi, it is time to take advantage of the business opportunities in the various sectors and products,” he said.
Ambassador Zaake Kibedi
“We invite the Ugandan business community to come and showcase their products since the UAE is a potential area for trade and has become the leading destination to Uganda’s exports more than the European Union since 2016.
“It is for this reason why Uganda should enhance relations with the UAE,” he said adding that some companies from the UAE are already planning to invest in Arua, Northern Uganda.
These include M/S Amea Power which has already signed a memorandum of understanding with the Ministry of Energy to establish a power production plant in Karamoja.
The high breed plant is expected to utilize the speeding wind to make solar energy and it is estimated to cost $100m, Karamoja is a sustainable place because of its wind,” he said.
Ambassador Kibedi also said another investor Mr. Nawabzada Zaheer Barakzai, the chairman of Mega Movers Company in Pakistan is planning to invest $30m in a logistics and container terminal in Arua.
He requested the Uganda Investment Authority to identify 50 acres of private land in Arua not exceeding three to four kilometers from Arua town which the company can purchase and develop.
He said that Ugandans can export products to the region including agricultural products, semi manufactured gold, gold plated with platinum, spirit type jet fuel, Nile perch (lates niloticus), brans, sharps and other residues of wheat, kidney beans including white pea beans whether dried, shelled, skinned or split. Others are telephones for cellular networks of other wireless networks, beans dried of species vigna mungo, hepper, vigna radiate and when shelled, skinned and or not split.
Ugandans can also take advantage of exporting milk and cream in powder with 1.5 percent fat content but with no sugar or any other sweetening matter is added.