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Uganda Has a High Rate of Return on Investment

Friday, 17th December 2021
Ministers Finance, Planning and Economic Development, Foreign Affairs, Trade, Industry and Cooperatives and of State for Trade in a group photo with IIA delegates

A Uganda-India Convention was one of activities which the High Commission in New Delhi and the Ministry of Foreign Affairs held in Kampala in order to outline to business delegates from the Indian Industries Association the wide range of investment opportunities in the Ugandan economy. The event was held on 4thDecember, a day after the 19 member delegation led by their Ashok Kumar Agarwal, the IIA President, landed at Entebbe Airport.

In a speech read for herby the Hon Matiya Kasaija, Minister of Finance, Planning and Economic Development, the Prime Minister of Uganda, Ms Robinah  Nabbanja, warmly welcomed the Indian delegation to Uganda. She said the delegation was yet another manifestation of the warm bilateral relations which have existed for many years between Uganda and India. The Prime Minister recalled the 2018 visit of the Indian Prime Minister to Uganda, applauding the fact that the Hon Narendra Modi had pledged support to Ugandan development aspirations and efforts. She urged the delegation to explore the investment opportunities in various sectors and geographical regions of the country; and tap into the knowledge banks of Government agencies such as Uganda Investment Authority, Uganda Development Bank, Uganda Free Zones etc, in order to guide their decisions on which sector or location to invest in. Urging for increased trade between Uganda and India, the Minister of State for Trade, the Hon Harriet Ntabazi welcomed Indian SMEs to invest in the Ugandan economy in order to increase the quantity and quality of products which could be exported especially to India, and to other markets which are open to Uganda. The host Minister of the conference, the Hon General Jeje Odongo outlined the role played the Ministry of Foreign Affairs in pursuing Commercial/Economic Diplomacy.

The following day the delegation split into four groups; and together with Ugandan and High Commission officials toured the country in circuits spanning northern, south and south-eastern, south and south-western and eastern Uganda. In all these circuits the delegation had opportunity to interact with political and economic agencies; as well as with private sector agencies. Three days afterwards members of the delegation focussed on their particular areas of interest. Each member pursued B2B contacts with prospective partners or agencies in his or her area of interest. Some held further consultations with Government agencies.

In the audience which he granted the delegation on the final leg of its tour, the President of Uganda, HE General Yoweri Museveni, interacted with many IIA members. He found out that some already had formed concrete investment proposals; and encouraged them to invest as Uganda has a high rate of return to most investments.