Uganda’s Ambassador to China, Oliver Wonekha has made a case for Uganda as the best and profitable investment destination, asking investors to set up business in the various sectors of the economy.
“Uganda has grown itself to be a highly stable country over the past 30 years. According to the latest data sets from the World Bank, Uganda has one of the lowest crime rates and most stable inflation rate in East Africa averaging 4.89% but also Uganda is the most open economy to foreign direct investments in East African Community. According to benchmarks from Financial Times Limited, Uganda has an excellent working and living environment,”Wonekha said.
She was on Tuesday speaking during an investment, trade and tourism promotion conference in Shandong in celebration of 60 years of diplomatic relations between Uganda and China.
Quoting factors like having a young and trainable population; low cost of electricity and competitive property costs, the ambassador told Chinese investors that Uganda should be their destination of choice.
“There is large and growing domestic market of nearly 45 million people in Uganda and strategically located in the heart of Africa there is a combined market of population of over 700 million in the East African Community and COMESA region. Globally, Uganda has a competitive tax incentive regime,”Amb.Wonekha said.
China, Uganda relations
Amb. Wonekha said both countries have enjoyed cordial relations since 1962 with tangible outcomes in form education scholarships and projects implemented in various sectors of Uganda’s economy like agriculture, construction, infrastructure and ICT among others.
“Shandong Province economy has well developed oil and petro-chemical industry, agriculture including cotton and textile production, machine tools production and tourism sector. It is on this basis that the embassy seeks to further strengthen the already existing strategic relationship with Shandong province in mutually beneficial areas including trade, agriculture, petro-chemical industry, tourism, manufacturing, power and infrastructure and capacity building.”
The ambassador told the Chinese investors and businessmen that Uganda seeks to explore ways to pursue economic and trade cooperation on a win-win basis.
This she said will include but not limited to increased trade, access to markets, attraction of Foreign Direct Investment (FDI), technology and skills transfer and people to people exchanges among others from China into Uganda.
Uganda’s consistency and commitment to private sector development is legendary and unrivalled making Uganda a fully liberalized economy. There is renewed focus to further increase profitable execution of Uganda’s abundant investment potential and so Chinese investors are highly encouraged to advantage of this and invest in Uganda to make huge profits.”
“It is, therefore, my wish that we work committedly to enhance the partnership between the Chinese and Ugandan business community for mutual benefit of our two peoples. I sincerely invite companies and business people from Shandong to explore doing business in and with Uganda for maximum gain.”
