By Barbra Nambuya & Shamim Saad
A Chinese investment and business delegation from Weifang City in the Province of Shandong has today visited the Uganda Investment Authority (UIA) to explore various investment and business opportunities in Uganda.
The delegation is also interested in sharing expertise and knowledge in areas of technical innovation and investment.
Led by Liu Jianjun, the Mayor of Weifang City, and Guo Xingping, the Director of the Weifang Bureau of Commerce, the delegation met the UIA Team led by the Deputy Director General, Dr. Paul Kyalimpa, who represented the Director General, Robert Mukiza.
In his welcome remarks, Dr. Kyalimpa expressed gratitude to the Chinese delegation for choosing Uganda as their preferred investment destination and assured them the UIA is committed to supporting them invest and doing business in Uganda.
Dr. Kyalimpa hailed China for contributing to Uganda’s development in areas like infrastructure development, investment in various sectors, trade, and health, amongst others.
He pointed out the Sino-Uganda Mbale Industrial Park as an example of Chinese investment in Uganda that signifies not only the good relationship between Uganda and China but also the good inflow into Uganda of Chinese investments.
Dr Kyalimpa said Uganda boasts a thriving economy with favourable conditions for investment and business like free mobility of capital and labour. He said that business freedom facilitates innovation, entrepreneurship, and the seamless flow of capital, a vital component for sustained economic growth.
The UIA Deputy Director for Business Development, Peter Muramira, said Uganda offers various investment opportunities in sectors like commercial agriculture, manufacturing, tourism, infrastructure development, mineral value addition, services, and ICT, with UIA playing a good mediation role as a one-stop shop for investors.
Muramira urged the Chinese delegation to also pick interest in areas like accommodation, real estate, pharmaceuticals, development minerals, industrial park development, services, and water transport, amongst others.
Muramira said the Government of Uganda offers generous tax and non-tax incentives for both domestic and international investors.
On his part, Mayor Lui Jianjun said the investment and business opportunities Uganda offers are similar to those in China, making it easy for them to invest in Uganda, citing the big market access that Uganda offers as a big attraction.
Uganda offers market access to the East African Community (EAC), the Common Market for Eastern and Southern Africa (COMESA), the African continent, as well as the European market (everything but arms), amongst others.
Mayor Jianjun said the Weifang Bureau of Commerce will arrange a private sector delegation to visit Uganda and to explore the various investment and business opportunities the country offers. UIA will also visit Weifang to showcase Uganda’s investment and business potential.
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