Uganda is Prime Investment Destination, says H.E Edward Ssekandi
Our first contact occurred in the 19th century during the construction of the Kenya-Uganda railway. This Conference is emphasizing three key areas of commercial diplomacy, namely: investment, trade and tourism. These are important areas of focus for Uganda which is the principle hub of business solutions, knowledge dissemination and business interaction in the Great Lakes Region of Africa. In the last 15 years, Uganda’s average annual GDP has been growing at 6% and this prompted World Bank to rank the country among the top ten business and investment destinations in Africa,” said H.E Edward Kiwanuka Ssekandi, Vice President, Government of the Republic of Uganda at the first Uganda-India Investment Summit organized by All India Association of Industries (AIAI) and World Trade Centre Mumbai.
Speaking further about the potential areas of collaboration, H.E Ssekandi said, “Uganda is ripe for investment in sectors such as agribusiness, fisheries, forestry, manufacturing, mining, financial services, tourism, ICT and infrastructure development. Uganda is a prime investment destination for India.”
Highlighting the investment climate in Uganda, H.E Ssekandi said, “Today, Uganda is a prime investment destination in Africa due to a predictable business environment, fully liberalized economy, market accessibility, security for investment, first arrival privileges in the form of tax exemptions and a healthy political environment. The Uganda Government will continue to ensure a stable, safe and conducive environment for business; by instituting appropriate policies and putting in place physical infrastructure to ease conduct of business in the country.
Mr. Jaykumar Rawal, Hon’ble Minister for Employment, Guarantee and Tourism, Government of Maharashtra on the occasion said, “Maharashtra is premier industrial state in India receiving over 50% of FDI and offer tremendous investment opportunities not only in industry but also in tourism we have 720kms of coastline and there are various areas of co-operation in tourism and hospitality industry.”
H.E Ms. Grace Akello, High Commissioner of Uganda in Indiasaid, “This Conference is a landmark event in the history of India-Uganda relationship which dates back to 1890s. After 120 years, let us renew our relationship by exploring new frontiers for collaboration, especially with this great city of Mumbai the economic and commercial capital of India. Our centuries old relationship has brought us here. India and Uganda are brothers and sisters.”
Earlier in his welcome remarks, Mr. Vijay Kalantri, President, All India Association of Industries, said on India-Uganda partnership “India’s Prime Minister has emphasized on strengthening collaboration with African countries. India is setting up an India-Africa Institute of Foreign Trade (IAIFT), which is one of the 5 institutes offered by India at the pan-Africa level.”
Mr. Kalantri suggested focused area meetings targeting specific sectors for collaboration between both the countries in the areas of natural resources, agriculture/agro-processing, infrastructure development, ICT, mining and mineral development, energy, healthcare and tourism.
Mr. Kamal Morarka, Chairman, MVIRDC World Trade Centre Mumbai said, “Uganda is endowed with rich natural resources backed by a strong MSME sector, Indians in Uganda contribute over 65% of GDP revenue to the exchequer it offers to the investors concessional power tariff, tax holiday for 10 years”.
While proposing vote of thanks, Mr. Madhusudan Agrawal, Hon. Consul of Uganda in Mumbai said, “The visit of this High Level Delegation from Uganda indicates the importance given by Government of Uganda for bilateral partnership with India.
A key highlight of the event is the signing of 5 Letters of Intent (LoIs) by Indian businessmen in presence of the H.E. Vice President of Uganda in the energy, power and mining sectors worth USD 800 million.
Hon. Mr. Kafabusa Werikhe Michael, Minister of State for Trade, Ministry of Trade, Industry & Co-operatives, Government of the Republic of Uganda and Hon. Ms. Joy Kabatsi, Minister of State Agriculture, Animal industry, Fisheries, Government of the Republic of Uganda were also present on the occassion.
Mr. Ram Shinde, Hon’ble Minister of State, Water Conservation and Protocol, Government of Maharashtra, Mr. Sumit Mullick, Chief Secretary, Government of Maharashtra, Dr. Malini Shankar, Director General Shipping, Mr. Rajagopal Devara, Principal Secretary and Chief Protocol Officer, General Administration Dept., Government of Maharashtra, Mr. O. P. Gupta, Controller General of Patents, Designs and Trade Mark, Mr. David Rasquinha, Managing Director, EXIM Bank and others graced the occassion.
The event was well attended by Consular Corps, government officials, representatives of trade and industry, financial institutions, education institutions and members of press.
The 2-day event also features around 500 B2B Meetings, presentations on investment and tourism opportunities in Uganda and cultural programmes.
The Conference was sponsored by Ajanta Pharma, WAPCOS and EXIM Bank.
H.E Edward Kiwanuka Ssekandi, Vice President, Government of the Republic of Uganda (in the center) along with from (L-R): Mr. Madhusudan Agrawal, Hon. Consul of Uganda in Mumbai, Mr. Vijay Kalantri, President, All India Association of Industries, Mr. David Rasquinha, Managing Director, EXIM Bank, Mr. Kamal Morarka, Chairman, MVIRDC World Trade Centre Mumbai, H.E Ms. Grace Akello, High Commissioner of Uganda in India, Mr. Jaykumar Rawal, Hon’ble Minister for Employment, Guarantee and Tourism, Government of Maharashtra, Mr. Ram Shinde, Hon’ble Minister of State, Water Conservation and Protocol, Government of Maharashtra, Mr. Sumit Mullick, Chief Secretary, Government of Maharashtra and Mr. Rajagopal Devara, Principal Secretary and Chief Protocol Officer, General Administration Dept., Government of Maharashtra at the welcome reception organized in the honor of the visiting dignitaries organized by Honorary Consulate of Uganda in Mumbai, All India Association of Industries and MVIRDC World Trade Centre Mumbai.
H.E Edward Kiwanuka Ssekandi, Vice President, Government of the Republic of Uganda being felicitated by Mr. David Rasquinha, Managing Director, EXIM Bank looking on from (L-R) is Mr. Madhusudan Agrawal, Hon. Consul of Uganda in Mumbai, Mr. Vijay Kalantri, President, All India Association of Industries and Mr. Kamal Morarka, Chairman, MVIRDC World Trade Centre Mumbai at the welcome reception organized in the honor of the visiting dignitaries organized by Honorary Consulate of Uganda in Mumbai, All India Association of Industries and MVIRDC World Trade Centre Mumbai.