BUSINESS | ALUPO | INDIAN SUMMIT

KAMPALA - Growth, investment, business partnerships and job creation was the hallmark of the closure of the week-long Afro-Indian Summit. 

Several manufactured items on display, and products from different factories gave the feel of the journey that Uganda has undertaken over the years, from largely an importing country to the productive country that Uganda is today. Therein, the role of the Indian Community in Uganda's journey to development and self-reliance can not be overstated. 

With deals worth over $300m signed, social-economic transformation and the journey to Vision 2040 is more realistic.

The Vice President Jessica Alupo, who officiated at the closing ceremony said that the summit signified Uganda’s commitment to private sector development, and a "focus to further increase the promotion of Uganda’s abundant investment potential."

Vice President Jessica Alupo, who officiated at the closing ceremony said that the summit signified Uganda’s commitment to private sector development, and a "focus to further increase the promotion of Uganda’s abundant investment potential."

She gave re-assurances of further and increased partnerships which have over the years, grown, encouraging the community to further contribute to the four sectors of Manufacturing, ICT, services, and Agriculture. 

The Vice President expressed her gratitude to President Museveni for "creating this peaceful environment that has enabled such a long and sustained peaceful environment for growth."

In her preamble earlier, the Vice President recounted an Indian friend she went to school with during her primary school years when Indians were expelled.  

"With what happened, we will always stand firm to protect your investments. Continue investing, Uganda is very peaceful, as President Museveni steers the wheel of our country to greater heights." 

Alupo said Uganda and India have enjoyed warm and cordial bilateral relations extending back to the 19th century.

Alupo said Uganda and India have enjoyed warm and cordial bilateral relations extending back to the 19th century.

She hailed India for the sustained Foreign Direct Investment to Uganda, ranked today as 2nd. 

"The total investments of the Indian business community in Uganda stands at $1b. Similarly, Uganda’s total exports to India in 2020 were $56.9m composed of mainly coffee, tea, spices, cocoa, fruits, grains, edible oil, cotton and dairy products," said Alupo.

The two countries mainly trade in spices, pharmaceutical products, machinery, organic chemicals, electronic equipment, paper and paper board.

Alupo urged the business community of the two countries to "seize the investment and business opportunities to maximise value addition and mutual gains, let's deepen our markets," the VP remarked, calling upon them to take advantage of such engagements to expand partnerships. 

"These engagements enhance technology, skills, financing, standards and further deepen access to markets."

Alupo urged the business community of the two countries to "seize the investment and business opportunities to maximise value addition and mutual gains."

The summit coincided with the celebration of 100 years since the Uganda Indian Association was formed. Remarkable progress in business processes has since been realised, most notably, a Stop Centre for investors across all Government services. 

"This eases the business environment and reduces the cost of doing business", said the VP, as she highlighted significant benefits; stability over the last 30 years under President Museveni's leadership, political stability, democratic progress and economic growth. "Uganda is fully peaceful and secure – border to border," the VP stated.

Other benefits highlighted by Alupo included an open economy, the best to FDI within the EAC. 

"There are no restrictions on ownership of investments, movement of capital or foreign exchange", she added, citing a world bank report which shows net FDI inflows of over USD 1bn a year on average in Uganda.

Other benefits cited by Alupo were Uganda's excellent working and living environment, the lowest cost of living, the fastest growing workforce in the region and flexible labour regulations, large and growing market of nearly 284 million people in EAC, COMESA 560 million and over 1.5b in Africa. 

 "Uganda is no doubt, the best investment destination," the Vice President said. 

 "This is the right time for enhancing the partnership and investing in Uganda," Alupo said. 

Evelyn Anite, the Minister of State of Investment thanked the Vice President for bracing the closure of the Afro-Indian Investment Summit, highlighting to her, the importance of the Government's effort to return the departed Asians' properties.

"That act reminds us to continuously promote Uganda as the best investment destination in Africa. With over 3500 factories in Uganda, close to 1200 are owned by Ugandans of Indian origin." 

The Minister of State for energy-Peter Lokeris who described the President and the Vice President as "developmental and focused" said Uganda was a country of incredible wealth which, if combined, Uganda would see more light. 

The chairperson of the Indian Association in Uganda Mohan Rao said in marking 100 years " we do this because this is our home, and when home flourishes, we flourish too."

At the opening of the ceremony a day earlier, the President had described the Asian expulsion by Idi Amin as "not only an act of immorality and not being strategic but was also not necessary at all.

Anite told the president that the summit was intended to promote Uganda as the best investment destination in Africa.

The conference was also addressed by first Generation Investors; Mahendra Mehta who is the Chairman Mehta group.