President Museveni woos Chinese investors

Kampala. President Museveni was last week involved in a flurry of activities as he held several meetings with potential investors before he wound up his visit to China.
According to a statement issued by State House, the President on a particular single day held 17 meetings during which he encouraged cooperation and investment.

Mr Museveni, the statement said, urged Chinese investors to collaborate with Uganda and support big development projects.
He pointed out to them that Uganda was aancing more towards public private partnerships model of financing, which is more pragmatic and reduces on the national debt.
“We have borrowed for Karuma and Isimba power dams and we want to borrow for the railway. We can’t borrow more than that for now,” President Museveni reportedly told the investors whom he met at the Diaoyutai State Guest House in Beijing. The government has borrowed $1.44 billion (about Shs4.3 trillion) for Karuma dam while $482.6 million (about Shs1.4 trillion) was borrowed to fund Isimba dam.
The President met representatives of banks, construction companies, Oil companies, telecommunications and automobile sectors among others.

“Our government wants to cooperate with the people of the Republic of China in a number of areas. There are areas where the banks can play a central role like infrastructure development, including electricity, roads, railway – this is government to government.”
“But the private sector has many more areas of cooperation that they can support, including minerals and mineral development, agro processing, we are dying for agro-processing. We produce so much but we can’t add value on these products,” the statement quoted Mr Museveni as saying.
The President also urged investors to exploit Uganda’s economic potential by investing in manufacturing.

atumwine@ug.nationmedia.com

SOURCE: Daily Monitor

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