Chinese businessmen explore investment opportunities in Uganda

Uganda continues to attract international attention as another high-powered Chinese investment delegation visited the country to explore business opportunities.

This follows a previous visit by a similar delegation from Weifang City, Shandong Province, four months ago.

David Rupiny, the Public Relations Manager at the Uganda Investment Authority (UIA), confirmed to Nile post that the 30-person delegation left Uganda a week ago after a productive visit.

“It’s true the delegation was here and they just left the country a week ago. We are thrilled to see such a strong interest from our Chinese counterparts. Their continuous engagement underscores the immense potential Uganda holds as an investment destination,” said Rupiny.

“The delegation was particularly interested in sectors such as agriculture, oil and gas, real estate, manufacturing, construction, ICT, machinery, automobiles, and healthcare.”

The delegation, led by Liu Jianjun, Mayor of Weifang City, aimed to explore various investment opportunities across multiple sectors.

During the first visit on March 26, 2024, the Weifang Bureau of Commerce had committed to arranging a private sector delegation to further investigate Uganda's potential. Mayor Jianjun expressed their keen interest in sectors such as agriculture, oil and gas, real estate, manufacturing, construction, ICT, machinery, automobiles, and healthcare.

Welcoming the delegation, UIA Director General Robert Mukiza praised Weifang City for fulfilling its promise.

“Uganda offers vast investment opportunities, investment incentives, economic and political stability, security of person and property, high profits, access to lucrative markets, highly young and skilled labor, and a strategic investment and business location in the heart of Africa,” Mukiza stated.

He highlighted Uganda's strategic position, which provides access to significant markets including the East African Community (EAC), the Common Market for Eastern and Southern Africa (COMESA), and the broader African continent.

Mukiza emphasized the profitability of investing in Uganda, noting, “Uganda is Africa’s third most profitable country. If you want to make money, invest in Uganda and work with the Uganda Investment Authority, which will ensure that the setup process is smooth and swift.”

He urged the Chinese investors to establish their headquarters in Uganda to take full advantage of these benefits.

The delegation's visit is part of a broader initiative to boost Uganda’s exports to China. Mayor Jianjun reiterated their commitment to enhancing bilateral trade and investment.

“We are here to identify and capitalize on the numerous opportunities Uganda offers. Our goal is to foster a stronger economic partnership and increase Ugandan exports to China,” Jianjun said.

In recent years, Uganda has been focusing on attracting foreign direct investment (FDI) to bolster its economic growth.

According to the Bank of Uganda, the country received FDI inflows worth approximately $1.3 billion in 2023, a significant increase from previous years.

This surge is attributed to Uganda’s improved investment climate, government incentives, and strategic initiatives aimed at industrialization and infrastructure development.

Mukiza pointed out that industrialization is a top priority on President Yoweri Museveni’s development agenda.

He encouraged the Chinese investors to play a crucial role in this vision.

“I look forward to a Weifang Industrial Park here, including a pathogenic establishment,” he added, highlighting the potential for significant industrial projects that could transform Uganda’s economic landscape.

The delegation’s visit was not just about exploring opportunities but also about establishing long-term partnerships.

The UIA’s proactive approach and support for foreign investors have made Uganda an attractive destination for international businesses.

“On return to China, spread the gospel about investing in Uganda,” Mukiza urged the delegation, underscoring the importance of word-of-mouth advocacy in attracting more investors.

This visit signifies a strengthening of Uganda-China economic relations, with both sides looking forward to mutually beneficial outcomes.

The presence of high-level delegations and their interest in diverse sectors underscore Uganda’s potential as a hub for investment in Africa.

With its commitment to creating a conducive environment for investors, Uganda is poised to attract more foreign investments, driving economic growth and development.

The UIA’s efforts in facilitating these investments highlight the country’s readiness to engage with global partners and capitalize on its strategic advantages.

As Uganda continues to open its doors to international investors, the future looks promising for its economic trajectory.