Business
Special economic zone to be opened in Nakaseke
Publish Date: Feb 12, 2014
Special economic zone to be opened in Nakaseke
The project coordinator, former finance minister Syda Bumba
  • mail
  • img
newvision

By Samuel Sanya

The Government has signed a deal with ASB Group, a Turkish company, to establish a $300m special economic zone for beef production in Nakaseke district.


Under the agreement, the government has provided an 18 square mile site at Kaweweta in Nakaseke, which will next week be handed over to the investor.

The semi-arid area, which lies in the cattle corridor, accounts for 80% of livestock in Nakaseke district.

The project coordinator, former finance minister Syda Bumba, said recently that the project will be implemented in phases.

Special economic zones are common in countries such as China, India and Dubai. They are designated areas in countries that possess special economic regulations that are different from other areas in the same country. The regulations contain measures that are conducive to foreign direct investment.

A State House document said special economic zones were established under the Free Zones Bill 2012 that Parliament passed last November. They are aimed at stimulating growth in strategic parts of the country.

Bumba, who last week chaired a meeting of local leaders and representatives of ASB Group, said the project will involve local farmers in beef production to benefit from the end product.

She said farmers under the project shall participate in the breeding of improved livestock on a timely basis and in conformity with international standards.

Bumba said the investor will also provide modern amenities in the area, including an airport.

ASB is also establishing special economic zones in Turkey and Sri Lanka.

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Total CEO de Margerie killed in Moscow as jet hits snow plough
MOSCOW - The chief executive of French oil major Total, Christophe de Margerie, was killed when his private jet collided with a snow plough as it was taking off from Moscow's Vnukovo airport on Monday night....
Govt to identify key opportunities for growth
THE Government and World Bank are preparing a joint ‘Country Economic Memorandum’ report, which will identify key opportunities and challenges to accelerating socio-economic transformation...
Business guide in conflict resolution developed
A business guide for the business community to resolve conflicts without resorting to courts of law has been developed....
Mining to increase Agriculture production
Agriculture production in Uganda is set to increase with the establishment of mining and oil extraction industries despite concerns from the public that the discovery of oil in Uganda will affect the sector negatively....
Farmers to benefit from sh60b grant
UGANDAN farmers are set to benefit from a low-interest agricultural loan facilitated by a $24.7m (sh60b) grant from the International Fund for Agricultural Development...
Uganda’s coffee exports drop
UGANDA coffee exports for September fell by 7% to 207, 927 60-kg bags of coffee, compared with the same month a year ago, an industry source said...
Do Ugandan tycoons prepare their children to take over their business empires?
Yes
No
Can't Say
follow us
subscribe to our news letter