Rakai to get free trade zone

Dec 15, 2005

Investors are ready to inject $500m (about sh912.5b) into a proposed Free Trade Zone (FTZ) in Rakai, the district chairman, Vincent Ssemakula, has said.

By Mikaili Sseppuya
Investors are ready to inject $500m (about sh912.5b) into a proposed Free Trade Zone (FTZ) in Rakai, the district chairman, Vincent Ssemakula, has said.
He said the investors, Kagera Eco Cities (KEC), have 200 square miles of land for the project.
The zone’s directors are Beenunula Eyenunula Nunumisa and Gertrude Njuba.
Njuba is an NRM official and Nunumisa a banker.
President Yoweri Museveni has directed the Prime Minister, Prof Apolo Nsibambi, to ensure that a Memorandum of Understanding for the FTZ to operate is signed.
Ssemakula said an efficient and autonomous FTZ was necessary to attract private sector capital for fast development like it has been done recently in Nigeria and Sao Tome.
He said the FTZ’s location on the central African highway from Dar-es-salaam to Bukoba to Kampala, with landing sites on Lake Victoria and an airstrip at Lukoma would make it ideal for multi-model transport to import and export goods and services.
“Developers are ready risk their capital where there is an efficient and well-organised system with no red tape. The FTZ would be autonomous with everything residents could need to attract the best,” Ssemakula said.
He said, “Workers would be paid market wages and suppliers of fruits encouraged to get paid in dollars to encourage them. Our biggest worry is that neighbouring Rwanda could grab the chance and put up such a zone before us.”
Ssemakula said they want to complete the master plan for the FTZ in detail, get plot buyers for planned lots and get some Ugandans a place for breaking bulk for their imports.
He said they also want to set up a regional wholesale centre.
Ends

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