More investors rush to Uganda shortly after the country was named the best investment destination in the East African region.

Through the Uganda Investment Authority (UIA), the country last month received the gold award for attracting the best investment project in 2022 during the Annual Investment Meeting (AIM) 2023 in Abu Dhabi.

The event attracted investors from more than 170 countries who took part in exhibitions and lobbying investments.

Seven eminent business personalities from the United Arab Emirates (UAE), India and Australia have confirmed their readiness to invest close to sh900b ($250,000,000) into the Ugandan economy.

According to the group led by His Excellecy Ambassador Dharma Prakash Jagannath Kumar  and His Excellency Sheikh Ibrahim Obaid Rasheed Busannad Al Shamsi from one of the UAE prestigious AL SHAMSI families, the investment involves setting up the State Of The Art manufacturing plant for medical sundries such as syringes, IV tubing, catheters and insulin pens.

Honourable Ambassdor Excellency Mr. Dharma Prakash Jagannath Kumar

Other products include oxygen mask and tubing, blood bags surgical gloves, nasal cannulas, bandages and wound dressings, respirator masks, ecg electrodes, spacemen containers, urine bags, laryngeal masks, tracheostomy tubes, biopsy forceps, dental dams, enteral feeding tubes, trocars and suction catheters.

The investment project, is projected to create 3000 jobs for mainly Ugandans will be well in line with the government agenda to create more jobs for Ugandans through industrialisation.

In an interview with the New Vision, His Excellency Ambassador Mr.Dharma Prakash Jagannath Kumar, one of the key investors, said they are set for negotiations with the government of Uganda to finalise the remaining details.

Apart from His Excellency Ambassador Mr. Dharma Prakash Jagannath Kumar and His Excellency Sheikh Ibrahim the other business compatriots include Mr.Sam Fayad, Mr.Gurmukh Singh , both from Australia, Dr.Arumugam Lakshmi Narayan, Mr.Patil Swapnil and Mr. Tummala Sachendra, all from India.

 “Our delegation will arrive in the country this Thursday 15th of June 2023 and it is composed of investors in dealing with a wide scope of investments including banking, information technology and communication (ICT) and agriculture” he said.

He added; “We know that agriculture is the backbone of Uganda’s economy and it is within our plans to establish processing plants for various products.”

Value addition on agricultural products is now a government priority and its critical pillar of the Parish Development Model (PDM).

Through the PDM, about 70million jobs can be created, according to President Yoweri Museveni.

The investors will arrive in a private jet

In his address to the nation during the International Labour Day celebration in Namutumba district, Museveni said, many investors in factories and services were coming to Uganda mainly due to security and government policy of liberalization.

“But now we have got two enemies who I am going to fight and you will hear of the bloodshed. These are corrupt politicians and civil servants. These are the ones interfering with your future. They are disturbing investors soliciting for bribes and delaying decision making,” Museveni said.

He added; “Both of them raise the cost of doing business in Uganda. And I am using this Labour Day to tell everybody that we are going to have a big fight.”

This was before he announced plans to set up another small unit in his office where investors can ring directly if anybody asks them for a bribe or delays a decision.

“There is some group in Uganda Revenue Authority (URA) who go and intercept goods of these traders saying that I will charge you so much, if you give a bribe, I will charge you less, I already have reports about those and you will hear what will happen,” he said.

The President has since appointed Col. Edith Nakalema to head the newly created State House Investors Protectorate Unit.

In the letter dated May 30, 2023, the minister for Presidency, Milly Babirye Babalanda, invited His Excellency Sheikh Ibrahim and his business associates for a business meeting with the government of Uganda in mid-June.

“The government of Uganda received the proposal to establish a factory producing medical sundries among other products. These are products that are of great need in the country,” she said.

She added; “It is on this note that I would like to invite you and the people below to Uganda for business meetings with various government officials to discuss your proposal.”

Babalanda further said she is optimistic that their engagement with the government will be fruitful, leading to creation of jobs, reduction of imports and forex flight, as well as increase in revenue for the government.

The Indian minister of external affairs, Dr. Subrahmanyam Jaishankar, on his recent visit to Uganda indicated that growing trade was at the center of the India-Uganda bilateral relations.

He told the Indian business community at Kampala Serena Hotel that going forward India will emphasise expanding trade with Uganda.