Uganda plans dedicated park for Indian industry

The East African country of Uganda holds huge economic potential in sectors such as agro-processing, mining, oil & gas, tourism, healthcare, real estate and other sectors. The Government of Uganda is inviting Indian companies to explore the untapped business potential in their country by organizing Afro-Indian Investment Summit at Kampala, the capital city of Uganda, on September 29-30, 2022. In order to create awareness about this Summit, Hon’ble Mr. Oryem Henry Okello (M.P), Minister of State for Foreign Affairs, Republic of Uganda visited India along with a delegation of Indian industrialists doing business in that country. WTC Mumbai organized an interactive meeting for the visiting delegation Speaking on this occasion, the Hon’ble minister remarked, “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. 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. 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 a Double Taxation Avoidance Agreement with Uganda to prevent dual taxation of investment income in both countries. 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 and tourism are potential sectors for investment in the country.” 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 were: 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. In Photo (From left to right): H.E. Ms. Margaret Kyogire, Acting High Commissioner of the Republic of Uganda in India; Dr. Vijay Kalantri, Chairman, MVIRDC WTC Mumbai; Hon’ble Mr. Oryem Henry Okello (M.P), Minister of State for Foreign Affairs, Republic of Uganda and Capt. Somesh Batra, Vice Chairman, MVIRDC WTC Mumbai.