Commitments included $500 million for renewable energy and transportation projects; a $50 million investment in mineral processing; and $50 million for a new pharmaceutical facility to manufacture high-quality diagnostic kits for HIV/AIDS, malaria, tuberculosis, and other POC diagnostic technologies.
The announcement was hailed as a major first sign of the investment opportunities Expo 2020 Dubai will bring to participating countries. The Expo takes place under 3 sub-themes: Opportunity, Sustainability and Mobility. Uganda participates under the theme “Opportunity”, with the Ugandan Expo theme “Right Place, Right Time”
Robert Mukiza, managing director of the Uganda Investment Authority, said: “Today’s announcement of an investment of approximately $650 million is part of our broader ambition to bring $4 billion in new investment to Uganda to propel the country forward. forward as he begins his post-pandemic recovery journey. This was our President’s first overseas trip in over two years and was undertaken to support this major announcement.
We are currently promoting approximately 79 bankable projects at various stages of development that are ready for investment. These projects can be realized through public-private partnerships, joint ventures, private or public arrangements and some are creation, brownfield or expansion projects. Our partners therefore have a wide variety of investment options to choose from.
Sheikh Nahyan bin Mubarak Al Nahyan, Minister for Tolerance and Coexistence and Commissioner General of Expo 2020 Dubai, said at the official ceremony to welcome Uganda to Expo 2020 Dubai for National Day celebrations: “As one of the fastest growing economies in East Africa and the he one of the youngest countries in the world, Uganda’s presence at the Expo highlights a journey of growth and development. As part of Vision 2040, Uganda is empowering its young people and setting them on a path to development of the country towards an advanced economy which offers excellent trade opportunities in the region.
Referring to its involvement in Expo 2020 Dubai, he continued that “Uganda’s participation and its theme ‘Right place, right time’ highlights that it is a country with many opportunities” before concluding: “We look forward to working together to recover from the implications of Covid 19 and expect non-oil trade between our nations to exceed pre-Covid levels Thanks to Uganda’s presence at Expo 2020 and the Beyond that, we hope to broaden the horizon of our partnership into new areas through biodiversity, agro-industry, renewable energy and tourism.
The Letters of Intent were attested today by Uganda’s Minister of Finance, Planning and Economic Development, Hon. Matia Kasaijaat a special ceremony held at the Uganda Pavilion at Expo 2020 Dubai at 2:00 p.m. local time.
The letters of intent signed were with:
- Connect LLC: The UAE conglomerate has a series of projects it will undertake in Uganda, including a renewable energy project that will generate electricity and provide smart energy storage, supply and last mile billing of all public services and the planning and construction of innovative public transport routes. Planned investment: 500 million USD
- Guangzhou Wondfo Biotech Co: A high-tech company founded in 1992 and headquartered in Guangzhou, China, the company has set up manufacturing plants in China, the United States, Mexico, Kazakhstan and Brazil. The company will invest in a pharmaceutical facility to manufacture diagnostic kits for HIV/AIDS, malaria, tuberculosis and other POC diagnostic technologies. Planned investment: 50 million USD
- Worldera Corporation: An industrial, manufacturing, shipping and commodity trading company, resident in Dubai. The company plans to invest in mineral processing focusing on gold, gemstone, limestone, gypsum, clinker, agricultural sector, focusing on palm oil and mineral oil sector. education and create vocational training centres. Planned investment: 50 million USD
- Modern group: The conglomerate will make significant investments in a number of areas, including the manufacture of tiles, ethanol, pharmaceuticals and agricultural products, as well as the development of mining operations in Uganda. Planned investment: 50 million USD
Mohammed Hares, CFO of Woldera Corporation, said: “Our team visited eight African countries and Uganda was the best. Our investment of $50 million will increase.
Besides Modha Investments, a global financial conglomerate that invests in commercial agriculture and food processing, has agreed to a multi-million dollar commitment under a new memorandum of understanding signed today. They will focus on the development and marketing of cashew nuts, macadamia nuts and Hass avocado in Uganda. The company has established a large market, in Europe, Asia and the United Arab Emirates for the supply of Hass avocados and nuts.
Director of Modha Investments, Harshad Modha, said: “My family is from Uganda and it’s good to be back home. This investment will provide more than 5,000 jobs directly to farmers and allow raw products to have added value before being exported to a national and international market. I am delighted to be able to make this investment here at Expo 2020 Dubai. »
The Turkish company Dog Yapı İnşaat Tur. Enerji Ur San. Ve. Tic. As also signed a letter of intent for the construction of industrial and commercial parks which will include faculties such as a wholesale fruit and vegetable market, a truck station, cold stores, warehouses and slaughterhouses.
Uganda’s pavilion at the expo is located in the Opportunity Zone, which reflects the country’s stature as a key trade, transport and logistics hub, in addition to its regional importance. The pavilion offers visitors a journey connecting different eras, eras and places, highlighting how adventure and opportunity converge in today’s Uganda. The pavilion also offers visitors the opportunity to immerse themselves in Uganda’s unique combination of natural landscapes and attractive business climate.
Through its participation in Expo 2020, Uganda will showcase its unique exports and tourism and wildlife attractions as well as emerging investment opportunities, particularly in agriculture, industry, energy, minerals, oil and gas. The UIA primarily aims to facilitate the investment process and will focus on promoting opportunities in agriculture, mining, manufacturing, tourism and ICT.
© Press release 2021