Kampala, March 24, 2023:- Thirty investors from the global Lohana community have signed commitments with Uganda Investment Authority to invest in Uganda.
The investment commitments were signed at the close of the inaugural Lohana International Business Forum held in Kampala from March 20th to 22nd, 2023, in Kampala.
The forum, which drew over 800 Lohanas from 28 countries and representing 29 economic sectors, was graced by President Yoweri Kaguta Museveni, who urged members of the 2.5-million strong global Lohana community to invest in Uganda, especially in the area of value addition.
“What Uganda needs most is value addition to its raw materials. The economy can grow very fast to a trillion-dollar economy if we add value to our raw materials. We got a wide spectrum and great quantities of raw materials”, he said.
President Museveni highlighted seven key clusters of raw material base in Uganda ready for value addition. These include agro-processing (fruit, oil seeds, and agricultural products), minerals (iron ore, steel, copper, phosphates, cobalt, gold, nickel, lithium and niobium), fresh water resources (fish farming), forest resources (furniture, ceiling boards, paper industry, etc.), knowledge sector (education, automobiles), services sector and pathogenic economy.
The President said Uganda, in addition to having abundant natural resources and favourable investment and business environment, also has lots of investment opportunities in the area of import substitution.
President Museveni urged the Lohanas to have a look at Uganda’s import list and bill and invest strategically, like Chinese investors do, hence add value to local raw materials.
“Come and invest in Uganda. Look at the import list and bill and you can go item by item. You’re lucky you have the Lohanas who have been here for a long time, they can guide you, as well as the Uganda Investment Authority”, said the President.
The 30 committed Lohana investments covers Government of Uganda’s goal of adding value to local raw materials and creating jobs in strategic areas of the economy.
They include the following:
Agriculture – Agro products, food farming, bamboo products, dairy products, sesame, potatoes, sunflower, groundnuts, spices and herbs, textile, etc.
Automobiles – 2, 3, and 4 wheelers and components.
Chemicals – petrochemicals, fertilizers, pesticides, etc.
Education – skills development, e-learning, vocational training, etc.
Electrical – cables, transformers, other electrical equipment, etc.
Services – events management, imports, exports, etc.
Mining – minerals, mineral beneficiation, glass, ceramics, etc.
Healthcare – doctors, medical professionals, hospitals, pharmaceuticals, surgical equipment, etc.
Hospitality – tourism, travel, etc.
Information technology – digital media, software, hardware, ITeS services, marketing, training, telecom, etc.
Logistics – warehousing, transportation, etc.
Paper – stationery, packaging, etc.
Plastics – kitchenware, packaging, etc.
Professional services – finance, legal, accounting, secretarial, wealth management, succession planning, insurance, etc.
Real estate – developers, contractors, building materials, construction equipment, etc.
Renewable energy – solar, solar pumps, biogas, wind, hydro, green hydrogen, etc.
Waste management – sewage and water treatment plants, agro waste, electronic waste, etc.
In order to actualize the investment commitments, the Global Chairman of Lohana Business Community, Mahaparishad Satish Vithalani and key Lohana investors with Uganda Investment Authority (UIA) at its headquarters to discuss the modalities of hastening setting up the committed investment projects, as well as other, in Uganda.
They also wanted to understand deeply and appreciate Uganda’s regulatory and policy regimes related to investors.
The UIA-Lohana engagement resolved the following:
- That UIA shall, in 2023 (later this year), hold an Investment Summit in India with the assistance of the global Lohana Business Community;
- That UIA shall develop an Investor Tracker for all the 30 companies that committed to invest in Uganda, including following up all their inquiries to ensure speedy delivery of services and establishment in Uganda;
- That UIA, together with key Government Ministries, Departments and Agencies, as well as other stakeholders, shall organise a Uganda-India Investment Summit in India focusing on key priority sectors for the two countries in order to enhance trade, partnerships, technology and skills transfer, between Uganda and India;
- That UIA shall promote investment opportunities and target Lohana international companies in the 28 countries represented at the Forum including in Canada, United Kingdom and other Commonwealth countries to invest in Uganda;
- That Uganda should be promoted as a tourism destination for Indians through: a) creating a direct flight between Entebbe and New Delhi or Mumbai (this proposal will be presented to the Minister of Works and Transport and Uganda Airlines); and b) promoting Indian culture through events like food and musical festivals, weddings, etc.
- That discussions should start around the next Lohana International Business Forum planned for 2025 in order to maximize the benefits;
- That Uganda should address critical issues around cost of doing business such as access to power, power tariffs, cost of land and attendant infrastructure bottlenecks; and
- That UIA, the Presidential Advisory Committee on Exports and Industrial Development (PACEID), the Lohana Community in Uganda and the Lohana International Business Association should continue with online engagements to discuss in detail all possible areas of collaboration.
The Lohana International Business Forum brings to seven the number of major international summits held by UIA in the past one year to promote Uganda as a favorite investment destination. The impacts of these promotional summits result in direct investments.
Quotable Quotes:
It’ll be very easy for you to invest in Uganda & be profitable. Uganda is a land of 3 Ps: Peaceful, Pleasant & Profitable. That’s your Uganda. You’re welcome & you’ll have the best
Hon. Minister of State for Privatisation and Investment, Hon Evelyn Anite: “The Lohanas are the big names at the centre of our economic transformation for job creation agenda. They include Ruparelia Group, Madhavni Group, Nytil Group, Mehta Group, House of Dawda, Lato Milk, the popat Brothers and many more. Thank you Lohanas for investing in Uganda and for creating jobs for our young people”.
Global Chairman of Lohana International Business Forum, Mahaparishad Satish Vithalani: “We applaud President Yoweri Museveni for his good leadership and policies that offer stability, security and confidence for long term investment and development in Uganda”.
Chairman of Uganda Investment Authority, Morrison Rwakakamba: “We are now over 300m people in East Africa, meaning if you locate your investment and business here in Uganda, whether in agro-processing, real estate, or any sector, you are able to reach the entire East African market duty free.”
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For further information contact:
UIA Media Liaison
David Rupiny, drupiny@ugandainvest,go.ug +256785291625