Ugandan envoy calls for investment back home

Apr 04, 2013

Uganda’s ambassador to the Nordics has urged Ugandans living in the diaspora to invest their earnings back home.

By Abou Kisige

Uganda’s ambassador to the Nordics countries has urged Ugandans living in the diaspora to work hard and invest their earnings back home.


Ambassador Zaake Kibedi said Uganda has entered the takeoff stage in its quest for development, and his message to nationals living abroad is to capitalize in local sectors like housing and construction industry, transport and communication, and information technology.

In the middle of an unpredictable economic environment, there is promise of security for the potential investors.

“We are working with the ministry of internal affairs, Parliament, Uganda Investment Authority [UIA] and other stakeholders to ensure protection of our brothers and sisters who intend to invest in their country so that they are not cheated,” Kibedi said.

The envoy made the remarks during an induction workshop for the Ugandan business community intending to participate in the forthcoming Uganda-Nordics Business Expo slated to take place in Sweden this year.

“Our aim is to create conditions for a preferential trade arrangement for Uganda and Nordic entrepreneurs in order to play a role of shifting from aid to trade, hence promoting sustainable development partnerships,” Kibedi said.

The expo is organised under the theme, “From aid to trade” and IS intended to help the Uganda business community engage in a trade partnership with Ugandans leaving in the Nordics states.

The chairman of the Uganda Diaspora in Sweden and Nordics Business expo, Eddie Bazira, said Ugandans involved in small businesses and medium-and-small entrepreneurs will have to seize this opportunity to share economic opportunities in Uganda and the Nordic region that can attract trade partnership and direct foreign investment across both regions.

And with that, he made pointed references to the potential ways of doing so.

These included tapping the power of their market to improve the lives of its citizens through trade, direct foreign investment, sharing knowledge and transfer of technology.

The four-day trade event will open on June 6 this year. Participants will part with a minimal fee of US$ 2850 (about sh7.4m) with all expenses paid.

Delegates from the ministry of trade and industry, Uganda national chamber of commerce and industry, Uganda Manufacturers Association (UMA) are expected to attend the expo.

Last year Ugandans in Nordic countries also held a series of activities in the build-up to Uganda’s Golden Jubilee Independence anniversary celebrations which were intended to market the country.

Among the activities held included a week-long conference which discussed ways in which the five Nordic countries – Denmark, Finland, Iceland, Norway and Sweden – can trade with Uganda and also market the country as a tourist destination.

Financial remittances from Ugandans living in the diaspora hit a record US$ 1.7bn in 2010.

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