Uganda said on Monday it had signed a number of new business deals worth $650 million at Expo 2020 Dubai.The commitments included investments in fields such as renewable energy, transport, agriculture, mineral processing and manufacturing medical kits.<\/p>\n\n\n\n
The East African country hopes to attract $4 billion of new investment to fuel its post-pandemic recovery, Robert Mukiza, director general of the Uganda Investment Authority, said.<\/p>\n\n\n\n
Uganda is promoting nearly 79 bankable projects at different stages of development, all of which are ready for investment.<\/p>\n\n\n\n
“These projects can be actualised through public private partnerships, joint ventures, private or public arrangements … some are greenfield, brownfield or expansion projects. Our partners therefore have a wide variety of investment options to pick from,†Mr Mukiza said.<\/p>\n\n\n\n
The UIA signed a letter of intent with the UAE-based company Connect, which will invest $500m in the country. <\/p>\n\n\n\n
Connect will pursue a variety of projects in Uganda, including a renewable energy initiative that will generate electricity and provide smart energy storage.<\/p>\n\n\n\n
Wondfo Biotech, a company based in Guangzhou, China, will invest $50m in a pharmaceutical plant in Uganda to manufacture diagnostics kits for HIV\/Aids, malaria and tuberculosis, and other point-of-care diagnostic technology.<\/p>\n\n\n\n
The UIA has also teamed up with Dubai-based Worldera Corporation – an industrial, manufacturing, shipping and commodity trading company, which plans to invest $50m in various areas including mineral processing, agriculture and education sectors.<\/p>\n\n\n\n
The UIA said it had signed a deal with business conglomerate Modern Group, which will invest $50m in manufacturing, agriculture and mining.<\/p>\n\n\n\n
The Ugandan pavilion at the Expo site is in the ‘opportunities’ area, which is intended to promote the country as a destination for trade and a transport and logistics centre. It is showing the emerging investment opportunities, especially in the areas of agriculture, industry, energy, minerals and oil and gas.<\/p>\n\n\n\n
As one of the fastest-growing economies in East Africa and one of the countries with the youngest population in the world, Uganda’s presence at Expo highlights a journey of growth and development, Sheikh Nahyan bin Mubarak, the UAE’s Minister of Tolerance and Coexistence, and commissioner general of Expo 2020 Dubai, said.<\/p>\n\n\n\n
“We do look forward to working together on recovering from the implications of Covid-19 and expect non-oil trade between our nations to surpass pre-Covid levels … we hope to expand the horizon of our partnership into new fields across biodiversity, agro-processing, renewable energy and tourism,†he said.<\/p>\n\n\n\n
Modha Investments, a global financing conglomerate that invests in commercial agriculture and food processing, also agreed a multi-million-dollar commitment in Uganda, UIA said. This investment will bring more than 5,000 jobs directly to farmers in Uganda.<\/p>\n\n\n\n
National News, UAE<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Uganda said on Monday it had signed a number of new business deals worth $650 million at Expo 2020 Dubai.The commitments included investments in fields such as renewable energy, transport, agriculture, mineral processing and manufacturing medical kits. The East African country hopes to attract $4 billion of new investment to fuel its post-pandemic recovery, Robert […]<\/p>\n","protected":false},"author":27983,"featured_media":26697,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_paywall_metabox":[],"jnews_override_counter":[],"footnotes":""},"categories":[98],"tags":[31],"class_list":["post-26696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"\n