Minister urges South African tycoons to invest in Uganda

KAMPALA- State minister for Investment Gabriel Ajedra Aridru has urged South African investors to invest in Uganda especially in commercialised farming, real estate, mining, trade and tourism, among other sectors.

While speaking as the chief guest at the opening ceremony of a two-day South African Trade and Invest seminar on Wednesday, Dr Ajedra said the above sectors present virgin opportunities for investment.

He said: “Uganda has high deposits of unexplored minerals on top of the already discovered, like oil and Iron ore, the country‘s real estate is underdeveloped and cannot accommodate the current middle class. Uganda is endowed with fertile soils coupled with a good climate for commercialised agriculture.”

A total of 12 South African firms were in Kampala seeking investment partnerships from the Ugandan business community. The firms deal mainly in agro-processing, Construction and Infrastructure, Mining and capital equipment and Cosmetics.

The seminar, organised by the South African High Commission together with Uganda Investment Authority (UIA) and Uganda National Chamber of Commerce (UNCC), is meant to link the private sector in South Africa with their counterparts in Uganda with hope of increasing trade and investment opportunities between the two countries.

On behalf of the trade and investment department of South Africa, Dr Julius Nyalunga, the director Export Promotions-Africa, said: “This is the time where people from all corners of the world can do business together. As Africans, we need to look for opportunities in any part of Africa.”

In her remarks, the High Commissioner of South Africa to Uganda, Ms Wendy Swartz, said Ugandans should also move to invest in her country for balanced trade.
“We are going to have an integrated trade system hosted by UIA which connects all government ministries, departments and Agencies (MDAs). The inter-connectivity will allow you to sit in Pretoria and do all the necessary paper work of starting-up a business in Uganda,” Dr Ajedra said.

SOURCE: Daily Monitor

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