Govt tips Indians on investment in Uganda

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The government has urged the local Indian business community to act as ambassadors, encouraging more investors to explore and invest in Uganda’s economy.

The Deputy Speaker of Parliament, Hon. Thomas Tayebwa, called on Uganda’s Indian business community to act as ambassadors by attracting more investors and tourists to the country.

He made this appeal while serving as the Guest of Honour at the 10th-anniversary celebration of the Indian Business Forum (IBF), last week at Golf Course Hotel in Kampala.

The Deputy Speaker of Parliament, Hon. Thomas Tayebwa. (Photos By Jovan Kibirige)

Tayebwa acknowledged the Indian community’s significant contribution to Uganda’s economy but emphasized that they could do even more by encouraging others to invest in various sectors.

“Looking at tourism, India has a massive population—why not lobby for more Indians to visit Uganda? I encourage everyone in this room to be ambassadors. The government is committed to ensuring security. Let other Indian businesses expand here, and those in manufacturing establish operations in Uganda,” he said.

He further highlighted the government’s "10-fold growth strategy," which aims to expand Uganda’s economy from approximately $50b (sh184.8 trillion) to $500b (sh1,848 trillion) by 2040. This ambitious plan prioritizes agro-industrialization, tourism, minerals development (including oil and gas), and advancements in science and technology (ATMS), with a strong emphasis on private sector involvement and mitigating risks such as climate change.

“I encourage you to focus on value addition. It is a huge shame for us as a country to import food when we have the resources to produce and process it ourselves. We must strengthen our industries, invest more, and take full advantage of the minerals we possess,” Tayebwa added.

His remarks underscored the government’s commitment to fostering a business-friendly environment and leveraging partnerships with the Indian business community to drive economic transformation.

Indian business community lauded for economic contributions

State Minister of Finance for Investment and Privatization, Evelyn Anite. (Photos By Jovan Kibirige)

The State Minister of Finance for Investment and Privatization, Evelyn Anite, has commended Uganda’s Indian business community for their role in job creation and manufacturing.

“We shall continue to facilitate them because of their contribution to the country,” Anite said, encouraging Ugandan entrepreneurs to adopt the financial discipline and succession planning practiced by Indian businesses.

“The Asian community has strong financial discipline. Ugandans must learn succession planning to ensure business continuity,” she emphasized.

The Indian High Commissioner to Uganda, H.E. Upender Singh Rawat, underscored the vast investment opportunities in Uganda, referencing insights from a recent meeting in Mumbai. He noted that the next 25 to 50 years will be pivotal, urging the Indian Business Forum (IBF) to continue expanding.

“Blockchain technology, electric cars, renewable energy, climate change so far we are on it. The business environment will be more challenging. I would like to point out to the business leaders that in areas like infrastructure, pharmaceutical,” he pointed.

Rajesh Kumar, the Director General of IBF, pointed out that the forum has since attracted investments worth $147m (sh543.4b) in 2022 and commended the Government for the enabling environment.

He added that the objective of the forum is to improve the working relationship and the investing ground in Uganda.

“Over 275 members on board come from different sectors including Agriculture, construction, manufacturing, information Communication Technology (ICT), Tourism, Hospitality, Education, Transport and Logistics among others,” he said “Our objective is to strengthen partnerships and enhance Uganda’s investment landscape,” Kumar stated.

He noted that IBF boasts over 275 members across various sectors, including agriculture, construction, manufacturing, ICT, tourism, hospitality, education, transport, and logistics.

“Our impact is evident—Ugandans have been sponsored for studies and internships abroad. For business transformation, we must ensure a conducive environment to ease trade, attract investment, and promote exports,” he concluded.

The IBF anniversary event, which marked a decade of business excellence for the Indian community in Uganda, also saw Sudhir Ruparelia receive two prestigious accolades. He was honoured with the Lifetime Achiever (Business Entrepreneur) Award in recognition of his contributions to Uganda’s business sector.

Sudhir also received an award for his role in successfully organizing the 19th Non-Aligned Movement (NAM) Summit, which was held at Speke Resort Munyonyo from January 15 to 20, 2024.

The NAM Summit, a global forum consisting of 120 member states, was a landmark event for Uganda, drawing international leaders and solidifying the country’s position as a key player in global diplomacy.

Sudhir, a seasoned investor with over two decades of experience in Uganda, also shared words of encouragement for aspiring entrepreneurs. “Not only in Uganda but anywhere in the world—pursue your dreams and your vision,” he advised.