Last Updated: 2014-02-27 Share on facebookShare on twitterShare on emailShare on printMore Sharing Services 0 Decrease Font Size Increase Font Size

KAMPALA, Feb 27– Ugandan Prime Minister Amama Mbabazi has invited Swedish investors to take advantage of the lucrative trade and investment opportunities available in the country, noting that Uganda has favourable conditions for investment and is ready to give potential investors all the support they require.

Mbabazi said this when the visiting Swedish Finance Minister, Anders Borg, called on him here Wednesday.
Borg is in the country to discuss business opportunities which can be exploited by Swedish businesses planning to invest in the East African region.

Mbabazi said the Ugandan government, as a measure to promote investment, has decided to use revenues from the oil sector to improve infrastructure, especially roads, railway and electricity, in addition to modernizing the agricultural sector.

He said the country had put in place the necessary laws to manage the oil resource, adding that the government planned to construct the railway line connecting to Rwanda, the Democratic Republic of Congo (DRC) and South Sudan to facilitate trade and investment.

Uganda had also improved the national power grid from a mere 60 megawatts (MW) in 1986 to 850 MW by constructing more hydro-electric dams and rehabilitating the old ones, he said, adding that more power generation would promote industrialization in the country.

Borg, who was accompanied by Swedish Ambassador to Uganda Urban Andersson and other officials, hailed Uganda’s rapid economic growth and stability. He also applauded the process of East African integration which had eased doing business within the region, noting that developments such as reducing the number of days it takes for goods to move from Kenya’s port of Mombasa to Kampala from 18 days to four days were a great achievement.

Co-operation between Sweden and Uganda include the areas of democratic governance, health, support to the private sector, security and defence as well as research and education.

SOURCE: NEW VISION

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