VP Ssekandi woos Chinese investors

VP Ssekandi (right) with Uganda's ambassador to China Charles Wagidosoand his deputy Henry Mayega

The Vice President Edward Kiwanuka Ssekandi has concluded his four-day visit to Chongqing China where he called on Chinese firms to invest in Uganda saying business in Uganda was a real deal.

Ssekandi who was speaking at the Uganda-China Business conference at the Yuelai International Convention Centre in Chongqing city said that, Uganda is a gateway to the regional market and with the stability in the country any investment will yield returns and encouraged Chinese companies to take advantage of Uganda's central position on the continent.

He said that Government has developed several favorable investment policies and regulations that are aimed at encouraging investors to invest in Uganda and also to protect investor's business interests in the country.

"The profitability ratio is very high at 20% therefore this guarantees a very high profit on your investment," he said.

Ssekandi noted that the major focus of Government in the agro processing sector, Mineral processing, Tourism as well as Information, Communications and Technology (ICT) and the services sector such education.

He lauded the Chinese Government for the support in implementing ongoing infrastructural projects, which will facilitate and ease doing business in Uganda.

Speaking earlier, the Vice Mayor of the Chongqing Liu Guiping, urged Government of Uganda to put in place incentives to attract sustainable investments so that more Chinese companies will be motivated to consider investing in Uganda.

He encouraged more Chines companies to come to Uganda saying, producing for export in Uganda was better because its products are zero rated besides a big market in the EAC, COMESA, EU, and AGOA and in anticipation of the African Tripartite market comprising of EAC, COMESA and SADC with a total population of over 620 million.

The Chinese Business men on their part expressed optimism in investing in Uganda saying they had several projects that they wanted to implement especially in the road construction and housing sectors, oil and gas as well as energy sector.

Managing Director Chongqing International Construction Company (CICO) Li Zhao told the forum that CICO has been working in Uganda for 20 years since 1995 and has found the business environment very profitable and have worked on projects worth over 400 million dollars.

The forum organized by Uganda Embassy in Beijing and Consulate in Guangzhou on the sidelines of the China International Friendship Cities Conference to promote Uganda as an investment and tourist destination attracted Chongqing several business executives of China cities, Government leaders and was also addressed by the Executive Director, Uganda Export Promotion Board, Elly Twineyo and Hamza Galiwango of Uganda Investment Authority.

The forum was also attended by Uganda Ambassador to Beijing Charles Wagidoso and his deputy, Ambassador Henry Mayega, the Consul General of Guangzhou Ambassador Solomon Rutega and senior Government officials was ultimately aimed at promoting Uganda in different cities in China, with the target of reducing the trade deficit, attracting additional foreign direct investment and contribute to national development.