Uganda has already secured investment deals worth $650 million, or about Shs2.3 trillion, at the Dubai Expo 2020, according to the Uganda Investment Authority (UIA) Director General Robert Mukiza.
In a Monday Twitter statement, the director said the deals will bring investments in sectors like health, agriculture, infrastructure, mining, and energy.
The deals were signed with investors from countries like UK, UAE, Turkey and China. UIA officials have said they target to close deals worth $4 billion.
Uganda is among 192 countries that are exhibiting at the 2020 Dubai World Expo, which began on October 1 and will run up to March 31 in Dubai.
President Museveni flew to the Arab nation at the start of the expo to join a delegation of Ugandans that is there to pitch investors the viable sectors the East African nation has opened to foreign capital.
Museveni, who left the UAE yesterday, told the expo participants that Uganda is one of the best destinations for investment in the world because of the good security, Infrastructure, weather, markets among others.
“You can mobilize the rich people here to come and invest in Uganda mainly in the sectors of steel production, fertilizers, energy, and agro-processing,” he said.
Apart from the market of 45 million Ugandans, the President said there is a market for the 1.4 billion Africans where one can sell their products if they chose to invest in Uganda.
The UIA Director General has said they can now issue investment licenses within an hour. UIA plans to establish five industrial parks each year, totaling 25 in 2025.
The Authority has said that 413 investors in the industrial park space have created about 45,000 direct jobs and 180,000 indirect jobs after pumping $3.5 billion in the sector.
The implementation of its new strategic plan for the years 2020/2021-2024/25 is expected to create direct and indirect 650,000 jobs by the year 2025. Nine public industrial parks have already been set up in Namanve, Bweyogerere, Luzira, Kasese, Mbarara SME, Jinja, Mbale, Soroti and Karamoja.
Other five private industrial parks are in Kapeeka, Lugazi, Buikwe and Mukono. As of December 2020, UIA had licensed 7,763 investment projects in various sectors, including manufacturing.
The bulk of the 4,200-plus manufacturing industries (factories) in Uganda have been licensed by UIA. Products from the industries are in both local and export markets. They include items like transformers, steel products, vehicles, electronics, plastic products, paper products, sugar and other processed foods, building materials, soaps and detergents, textiles and apparels, footwear, leather products, beverages, minerals, amongst others.
This World Expo happens every after five years and in 2025 it will be held in Osaka, Japan.