The Government is constructing a $2.5m home for the Ugandan embassy in Kinshasa, which will result in an annual rent bill of half a billion shillings.

Dr Edith Namutebi, the acting ambassador to the Democratic Republic of Congo (DRC), told a team of Uganda delegates who toured the construction site on Ouganda Avenue in Kinshasa on Wednesday the posh building would have more than 20 offices when constructions works are completed next year.

“We have been renting a building at a rate of $12,000 per month. It is good we have a home. This land was donated to Uganda by former president Mobutu Sese Seko in the 1970s,” Namutebi said.

This means at least $144,000 will be saved annually once the building is up for occupation.

Namutebi said they had plans to set up an exhibition centre for Ugandan products as well as having investment and tourism offices where potential investors can be guided on which ventures to take on.

Dr Elly Twineyo Kamugisha, the executive director of Uganda Export Promotions Board, said the new building was a blessing to Uganda’s plans of attracting Congolese investors.

“For Uganda to be visible in DRC, especially in the capital which is the business district with about 20 million people, we need to have a place where Ugandan products can be displayed. This will be a great opportunity both for our goods and services,” Twineyo said.

A Ugandan team of about 200 delegates has been in Kinshasa for the Uganda-DRC Business Summit to explore investment opportunities in DRC as well as attract cross-border ventures.

This delegation was led by First Deputy Prime Minister and Minister for East African Affairs Rebecca Kadaga.

It was organized by the Private Sector Foundation Uganda led by CEO Stephen Asiimwe in coordination with the Embassy in Kinshasa and the Office of the Presidential Advisor – Special Duties head by Odrek Rwabwogo.

Asiimwe earlier said he was so far impressed by turn up for the meeting by the Congolese government officials and investors.

“Day one was a great experience. We were joined by five strong Congolese ministries. This is an indication that they are not taking the initiative lightly,” Asiimwe said.

He added: “Ugandans are learning how to enter and invest in DRC while the Congolese are getting to know how to access the Ugandan market.”

Earlier, Congolese mister for external trade, Jean Lucien Bussa Tondga members of the business delegation from the Ugandan private and public sectors that his country was working towards ensuring the investment climate is favourable for everyone.

“The business climate has been enhanced. We have other various tax incentives for you. We liberalized the sectors of insurance and electricity, and income tax for foreign companies was reduced while we have other taxes like the mining code. Ugandans should come and take up these opportunities,” Bussa said.

The minister said his president Felix Tsishekedi had already put in place a committee on improvement of business and that his vision was “creating African billionaires”.  “We have no choice, we have to take advantage of our potential and create African billionaires. It is saddening to learn that billionaires are only found outside Africa, with a few ones on the continent,” Bussa said.

DRC industry minister Julien Paluku earlier invited Ugandan investors for joint ventures in the manufacturing of phone batteries.

“DRC is the centre of ecological and industrial revolution. Zambia and DRC are soon starting to manufacture phone batteries using the resources (lithium) that we have. We would like to take this opportunity to invite Ugandan entrepreneurs to take part in this venture,” Paluku said.

He called upon Congolese and Ugandans to forget the history of conflict between the two countries and work together.