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Uganda can be gateway for 300 million consumer market of East African Community
“I invite Indian investors to come and experience the attractiveness of doing business in Uganda, which has been a preferred destination for Indian businessmen for more than
100 years. In 1863, Indian workers were engaged by British for building Uganda’s rail infrastructure and in 1904, the first Indian trader started doing business in Uganda.
Today, Indians account for 0.65% of Uganda’s population, but they contribute nearly 70% to the government revenue of Uganda. Government of Uganda is considering a proposal to
announce a 600-acre Indian Industrial park dedicated to attract more Indian investment in the country. Indian manufacturers can develop their plants in this park without the need to
bear cost of land,” said Hon’ble Mr. Oryem Henry Okello (M.P), Minister of State for Foreign Affairs, Republic of Uganda at an interactive meeting organised by WTC Mumbai.
The Hon’ble Minister visited Mumbai to invite Indian businessmen to the Afro-Indian Investment Summit to be held at Kampala during 29-30, September 2022.
Highlighting the investment attractiveness of Uganda, the Hon’ble Minister informed, “Our government offers full safety and guarantee to foreign investors. They have the
freedom to repatriate profit after paying the withholding tax of 6%. India has signed Double Taxation Avoidance Agreement with Uganda to prevent dual taxation of investment
income in both the countries. Our government offers 10 year tax exemption for investment above USD 10 million and there is no condition that foreign investors need to have
Ugandan citizen as shareholder in their business. We have abundance of productive age population as around 50% of the citizens are in the age group of 18-30 years. Foreign
investors can make Uganda a gateway to the 300 million consumer market of the 7-country East African Community, where companies can trade across borders without
customs procedures or duties.”
Pointing out to the sectoral opportunities for doing business in Uganda, the minister remarked, “Agro processing, mining, oil & gas exploration, refining, power, healthcare,
information & communication technology, tourism are potential sectors for investment in the country. I invite Indian mining companies to explore in Uganda, which has the second
largest reserves of rare minerals after China. In the agro-processing sector, there is huge potential for cultivation of coffee, pineapple, avocado, apples, okra, green & red
chillies, which are in great demand in Middle Eastern countries. Around 70% of land in Uganda is fertile for cultivation. Power infrastructure is another potential area for
Indian investment as hardly 20% of Uganda’s population have electricity connection even though the country has surplus power. There is also huge opportunity in healthcare sector as
it is still under-developed in areas outside the capital city of Kampala.”
Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, MVIRDC WTC Mumbai pointed out, “The Afro-Indian Investment Summit is a rare opportunity for Indian companies to
explore trade and investment opportunity in Uganda and the entire Africa. Bilateral trade volume has grown from USD 615 million in FY16 to more than USD 840 million last year,
largely led by 3-fold growth in imports from Uganda into India. I expect bilateral trade to surpass USD 1 billion mark in two years with the active participation of Indian business
community in Uganda.”
The event was also attended by H.E. Ms. Margaret Kyogire, Acting High Commissioner of the Republic of Uganda in India, Mr. Madhusudan Agrawal, Hon. Consul General of Uganda in Mumbai,
other consular officials and a delegation of Indian industrialists in Uganda.
Some of the members of the delegation are: Mr Mohan Rao, Chairman, Indian Association Uganda, Mr Mohan Reddy, Secretary General, Indian Business Forum in Uganda and Mr Muhammad Vaheed,
General Secretary, Indian Association Uganda.
Capt. Somesh Batra, Vice Chairman, MVIRDC WTC Mumbai proposed vote of thanks for the event.
