National
Kuwait investors eye construction, hydro power
Publish Date: Feb 14, 2014
Kuwait investors eye construction, hydro power
President Museveni meeting Kuwait investors. PHOTO/PPU
  • mail
  • img
newvision

By Vision Reporter

President Yoweri Museveni has said that Uganda has abundant resources that need value addition particularly in the agricultural sector.


He made the comments on Thursday at State House, Entebbe when he received a delegation of the Fouad Alghanim & Sons Group of Companies.  Fouad Alghanim & Sons Group of Companies is one of the biggest group of companies in Kuwait. They plan open up ventures in Africa by starting with Uganda.

The group was led by the Chief Executive, Fouad Alghanim. It is involved in a wide spectrum of investments such as the energy, construction, communications, shipping and agro processing sectors.

President Museveni who left Kyankwanzi to meet the group urged them to invest in Hydro power generation which includes both the big and small power stations.

He highlighted the construction of power dams in areas such as Murchison Falls and Kibe. He informed the delegation that Ugandan scientists have developed prototypes such as electric cars and called on them to invest in the new sector which has broad opportunities.

He asked them to work with the Government towards securing funds for the construction of the railway lines to South Sudan, DR Congo and Rwanda.

President Museveni informed the guests that the country has an abundant supply of agro products which need to be processed with particular reference to the production of bananas, maize and fruits.

He revealed that Uganda is the World’s biggest producer of bananas with a current capacity of 10 million metric tons per annum. He said that the current coffee production is 4 million bags per annum adding that the Government has a target of expanding production to 11 million bags per year. He revealed that the country today produces 60 million Kilograms of tea.

Museveni encouraged the Fouad Alghanim Group of Companies to exploit the opportunities in the minerals sector. He told them that Uganda has reserves of about 300 million metric tons of high quality iron ore. The President requested them to attract more investors to tap the abundant resources in the mining sector.

The President called on the investors to engage in the processing of fruits, cereals and cassava which is a raw material for starch. He was impressed with the proposal to construct a 5 star hotel at the source of the Nile.

The Chief Executive of the Fouad Alghanim Group of Companies, Fouad Alghanim revealed that his company was keen to engage in agro-processing with the major objective of feeding the Kuwait market. The delegation was highly impressed with the high quality of the Ugandan produced fruits which they sampled during their meeting at State House Entebbe.

Alghanim revealed that they have investments in Europe and Australia, adding that they are preparing to open up their ventures in Africa by starting with Uganda. He expressed their interest to invest construction, thermo & hydro power production. He further revealed their interests in promoting shipping and communications. The delegation expressed particular interest in the exploration and production of oil.

The President returned to Kyankwanzi in the evening and guided the Ministries, Trade and Industry, Agriculture, and Uganda National Chamber of Commerce on what is the foremost priorities and most effective manner of implementation.

 

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
Clerics irked by delayed electoral reforms
CLERGY under their umbrella body, the Ugandan Joint Christian Council (UJCC) have expressed profound concern over government's delay to pass electoral reforms...
Pangolin scales case judgement for May 25
COURT is on May 25 expected to give its verdict in the pangolin scales case pitting environmental lobby group Greenwatch, and UWA in partnership with pangolin scales businessman Smith Ewa Maku...
Tributes for Kagezi pour in from around the world
WORLD leaders and global institutions have joined politicians, statesmen and clergy from Uganda to pay tribute to Senior Principal State Attorney Joan Kagezi...
10 Kampala public schools face eviction
APPEARING before the parliamentary select committee on public schools Jennifer Musisi suggested that govt lodges caveats on land on which govt grant aided primary schools are situated...
UPC calls for elimination of street parking
UGANDA Peoples Congress has asked authorities to revisit car street parking in Kampala to exclude areas in the Central Business District...
UPDF retires 88-year old soldier
An 88-year old UPDF soldier with 36 children has finally been discharged from the army after making six failed attempts to retire....
Should police arrest parents who do not take their children to school?
Yes
No
Can't Say
follow us
subscribe to our news letter