Nordic oil companies looking for investment partners in Uganda

Kampala- Government has created a forum where businessmen from Norway, Sweden and Uganda will start reporting the bottlenecks they face as they try to establish their businesses here.

While opening the Nordic day business celebrations in Kampala last week, Trade minister Amelia Kyambadde said the quarterly forum will be similar to the one her ministry created for the American Chamber of Commerce and Industry.

The forum, she said, helped government to uncover challenges investors encounter as they try to establish businesses and have hampered the implementation of the public-private partnership policy.

“We need the partnerships and I suggest that we start the quarterly consultative meetings like we have done with the American Chamber of Commerce and Industry. It helped me to uncover many things I had never known,” she told the delegates.
She said her ministry has also created a service directory which will guide the investors with information on any kind of assistance they want from government.

In his address, Mr Thorbjourn Gaustad Saether, the Norwegian Ambassador to Uganda, told the investors the discovery of oil and gas in East Africa, has attracted many Nordic companies to the region and majority want to establish joint ventures in the sector.

“There is a lot of interest in hydro power projects, logistics in the oil industry when petroleum extraction starts- an indicator that Nordic countries would like to see the EAC region attain her full potential and promote the region as a good business destination,” he said.

According to Mr Jonas Armtoft, the senior investment manager Swedfund International, the Swedish government is providing grants ranging from $3 million (about Shs8.2 billion) to $15 million (about Shs41 billion) for farmers with profitable and sustainable business plans.

SOURCE: Daily Monitor

Leave a Reply


Major League Baseball to Make Coronavirus-Delayed Debut

After a four-month delay due to the coronavirus pandemic, Major League Baseball kicks off its regular season Thursday with a 60-game schedule set to be played solely in U.S. stadiums.  While many fans are anticipating the return of the game nicknamed the national pastime, there are widespread concerns about the safety of resuming a major sports league […]

NASCAR to Resume Season May 17 with 7 Races in 10 Days

NASCAR announced Thursday that it will resume its season without fans starting May 17 at Darlington Raceway in South Carolina with the premier Cup Series racing three more times in a 10-day span. NASCAR joins the UFC as the first major sports organizations to announce specific return to play plans since the coronavirus pandemic shut […]