I will support those who add value addition strategy, Museveni attracts investors
KAMPALA - Dr Sudhir Ruparelia the richest man in Uganda says it is a land of opportunities which environment helps businesses to thrive.
“Uganda has many natural resources, a young and increasingly educated workforce, steadily rising middle income and more stability in governance including micro economic policies which makes an idea of this nation for a long-term investment,” Dr Sudhir said while addressing top investors at Speke Resort Munyonyo.
Sudhir Ruparelia is the Chairman Board of Trustees Lohana Community which hosted a Business Forum that saw over 800 delegates from 28 countries across the world attend.
Meanwhile,President Yoweri Kaguta Museveni welcomed the Lohana business community from other parts of the world to Uganda & told them to take advantage of the big raw material base now that the country continues to attract investors who are willing to support its value addition strategy.
He made the remarks during the Lohana International Business Forum and added that in return, those who will establish value addition facilities in the country will be afforded numerous incentives, including access to free land as well as multiple tax exemptions and holidays. The three-day investment summit dubbed “Africa Calling” held at Speke Resort & Conference Centre in Munyonyo, Kampala, looked at not only mobilizing quality investments but also exploring a renewed commitment by the stakeholders to build better community business, investment and trade connections.
In his remarks, Mr Museveni lauded notable members of Lohana in the country such as property mogul Sudhir Ruparelia, Madhvani family Uganda and the Mehta family for their efforts to interest the Lohana global community into considering Uganda as a viable investment destination.
But he strongly urged that only those willing to add value to the abundant raw materials would be received with open arms. “Uganda’s economy can easily grow into a trillion USD economy if value is added to our raw materials. We have a wide spectrum of raw material in Uganda and all that is needed is value addition and there will be no reason for poverty,” President Museveni told the more than 700 participants that attended the business forum.
The President held the view that Uganda not only loses revenue as a result of exporting raw material, but also forgoes jobs that should have been created domestically. This problem, he said, is across the economic sector, urging the participants to plug that gap as Chinese are already doing. He encouraged a competition between the Lohana and the Indian investors in general to embark on a competition with Chinese in establishing value addition facilities in Uganda. According to Uganda Investment Authority figures, there are 1900 factories owned by Indians and 900 owned by Chinese. Agro-processing, leather, minerals, ICT and pharmaceutical industries are some of the low-hanging fruits to embark on.