Deals worth over £1billion to be signed at the 12th Uganda UK Convention
Today, the 12th UGANDA UK Convention has been launched under the theme ‘Explore Investment Opportunities in Uganda’.
It has been organized in partnership with Lord Popat (UK Trade Envoy to Uganda, DRC and Rwanda), London Chamber of Commerce and Industry, the Department for International Trade (Kampala), Aga Khan Development Network, PACEID, Uganda Investment Authority (UIA) and Uganda Development Forum (UDF).
The event is the largest Ugandan focused trade and investment convention in Europe and the only African event that has been running sustainably for 12 years.
Not even the COVID 19 global pandemic could stop it. Last year, it happened virtually and still created a huge impact.
The two-day summit will be officiated by His Excellency Yoweri Kaguta Museveni, President of the Republic of Uganda. Also in attendance is Honorable Janet Kataaha Museveni, the First Lady of Uganda and Minister of Sports and Education.
It has mobilized the largest number of investors with interest in Uganda. The sold-out event indicates that Uganda is steadily attracting more investors than many of its African counterparts.
Prominent industry leaders and investors will join the president and ministers from the UK and East Africa to forge new business deals. In the same way, they will invest in bankable projects and reinforce economic relationships between the UK and Uganda, including the East African Community (EAC).
The targeted sectors include Oil, Gas, and Renewable Energy, Agribusiness, Infrastructure, Real Estate, Mining, Education, Health, Tourism and infrastructure among others.
“This is the first event outside Uganda where deals worth over £1billion will be signed,” Lord Popat says.
The potential announcements and Memorandum of Understandings (MOU) to be signed include:
- $300m investment by Gridworks on an electricity export line from Uganda to Eastern DRC.
- $1.8Bn Standard Gauge Railway project from Kampala to Kasese with Yappi Merkezie (UK/Turkish Company) will be announced. The MoU was signed in Kampala earlier this week. It will be supported by UKEF as the lead ECA.
- (iii) $150m project for a water dam project in Karamoja for irrigation, food security and flood control with Nexus Green. The MoU is to be signed at the event. Project is to be supported by UKEF
- (iv) $100m contract for the construction of the Kitgum – Kidepo tourism road supported by UKEF. Financial negotiations for the project have been completed and is before the President for final approval of the loan before going to parliament.
Relatedly, a big delegation from Uganda’s private sector is present, led by Odrek Rwabwogo, Director of Tomosi’s Farm and Presidential Adviser on Special Tasks.
Other dignitaries include Nimisha Madhvani, the Ugandan Ambassador in UK, Robert Mukiza Director General UIA, and Dr. Emmanuel Iyamulemye Niyibigira, Managing Director, Uganda Coffee Development Authority who has lead coffee farmers and exporters.
“The COVID 19 pandemic damaged our manufacturing and export sectors, putting many out of work. By enhancing trade with the UK and the world, we will increase our revenue share in those key markets and create more jobs for our youth,” Rwabogo anticipates.
He adds that last year, the UK’s imports in fruit and vegetables stood at some USD800million. They therefore aim to boost Uganda’s share from less than 16th to a quarter of that market hence creating over 5,000 new jobs in the process. In addition, the 15million Ugandans who still live below the poverty line will be helped out of poverty.
Similarly, Amin Mawji Obe, Diplomatic Representative for Aga Khan Development Network says that for businesses looking to invest in Uganda, this opens up opportunities to invest in agro-industrialisation which involves improving warehousing, reducing post-harvest losses and strengthening value chains.
“Government policy recognizes that promoting this sector, enforcing product standards and enabling market access are key aspects to creating wealth and jobs,” he affirms.
“Uganda is one of the fastest growing countries in the world and all sectors of the economy are fully liberised for investment. There are many deliberations today and I wish you the best of the day as we, together, listen to experts, business leaders, sharing insights on doing business in Uganda,” Willy Mutenza chairman and founder, Uganda Convention-UK says.
There will be coffee cupping and tasting coupled with after-party entertainment by Afrigo band at Luxury Park Plaza London Riverbank Hotel, 18 Albert Embankment, London.
“SUCCESS USUALLY COMES TO THOSE WHO ARE TOO BUSY TO BE LOOKING FOR IT.”