In October 2021, the UIA signed an investment deal with Modern Group during the World Expo 20202, Dubai with Modern Group expressing interest in investing in, among others, manufacturing tiles, ethanol, pharmaceutical, and agriculture as well as developing mining operations in Uganda. Modern Group planned an investment of USD 50 million at that time.
Hon. Ntabazi Harriet, Minister of State for Trade, officiated at the groundbreaking ceremony for Kidera Sugar Factory in Buyende district on July 16, 2022, alongside Mr. Morrison Rwakakamba, Chairman Uganda Investment Authority (UIA), and Mr. Robert Mukiza, Director General, UIA.
Speaking at the ceremony, Hon. Ntabazi said,” This is the first investment of this kind and magnitude in this district. We want more investors like these in Uganda-those who have the ideas and the finances to actually implement the projects they have committed to.”
“When we met with Modern Group in Dubai, they committed to investing in Uganda. Today, they are making good on that promise by breaking ground here in Buyende with an investment valued at $30 million. This factory will help us save money, about $50 million that as a country we are losing by importing refined sugar,” Mr. Morrison Rwakakamba added.
The factory is expected to create 1500 direct and 8000 indirect jobs.
“Investors like Modern Group are great advocates in supporting Uganda’s industrialization agenda by creating sustainable jobs in the community—jobs that will transform livelihoods and ultimately transform Uganda’s economy,” said Mr. Robert Mukiza.
Modern Group already produces tiles in Uganda under the brand name Modern Tiles.
