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Kuwait investors eye construction, hydro powerPublish Date: Feb 14, 2014
Kuwait investors eye construction, hydro power
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President Museveni meeting Kuwait investors. PHOTO/PPU
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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.

 

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