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
Dr Maggie Kigozi: Obstacles in businesses are jewels
Dr Maggie Kigozi, director Crown Beverages Ltd has challenged the youth to consider obstacles in starting and running businesses as opportunities to create better lives....
How to widen Uganda’s tax base in a large subsistence economy
Uganda’s tax base remains small and the country is grappling with measures on how to widen the tax base in light of decreasing donor funds and pressures to finance the national budget....
UAE Exchange Uganda observed World Food Day
UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand observed World Food Day on 16th October. This year the theme was Family Farming: “Feeding the world, caring for the earth”...
Nigerian cleric warns Uganda over oil curse
Rev Father Edward Obi, a leading civil society activists fighting against the effects of the oil curse in Nigeria has warned Uganda that since oil has been discovered Ugandans are not safe from the negative effects the resource brings....
Oil to spur capital markets – Nsamba
This year marks 18 years since the Capital Markets Authority (CMA) was formed....
UBOS releases Producer Price Index
THE indices for hotels and restaurants indicate that annual prices for hotel services fell by 2.5 percent during the period of April, May and June 2014, compared to the same period in 2013...
Should the absence of bride price prevent couples from wedding?
Yes
No
Can't Say
follow us
subscribe to our news letter