ZCZC
BCN-31
CHINA-UGANDA-ECONOMY-TRADE
China, Uganda seek new efforts to boost trade, economic ties
KAMPALA, Nov. 29, 2018 (BSS/Xinhua) – A group of 30 Chinese entrepreneurs
on Wednesday concluded their three-day trip to Uganda to look for business
opportunities.
Uganda has held several Chinese investment forums with the aim of
persuading the Asian country that it is among the best investment
destinations in Africa.
Uganda Investment Authority (UIA), a state agency charged with investment
promotion, said on Tuesday that its 2016-21 strategic plan places a lot of
emphasis on collaboration with China in the development of industrial parks
and the setting up of science, technology and innovation parks.
“Uganda aims to graduate to middle-income status by 2020 and first-class
economy by 2040. In order to attain this target, the government is committed
to providing the enabling environment for business because Uganda strives to
make this a private sector-led economy,” UIA acting executive director Basil
Ajer told the visiting delegation.
“The economy is well regulated and highly liberalized with all sectors
open for investment. The incentive regime is structurally included in the
country’s tax law, which makes it non-discriminatory and accessible to both
domestic and foreign investments, ” he said.
He said China has ranked among the top two sources of Uganda’s foreign
direct investment since 2011 and that up to 1.2 billion U.S. dollars’ worth
of Chinese investments have been licensed, translating to 45,000 jobs.
“There is still a lot that can be achieved if both countries directed
their energies in areas of mutual interest,” he added.
Speaking at the business forum, Lyu Xinhua, chairman of the Council for
Promoting South-South Cooperation (CPSSC), said from their brief stay,
members of the delegation have observed that Uganda’s investment climate,
legal frameworks, affordable labor and infrastructure makes the country more
attractive to Chinese investors.
“I have got the feedback from the (Chinese) companies and they are all
expressing satisfaction with Uganda’s current investment situation,” he said.
He said the CPSSC is going to work with Uganda’s embassy in Beijing and
the Chinese embassy in Kampala to explore possibilities where Chinese
enterprises will invest in Uganda.
“We will be leading (Chinese) companies to Uganda to investigate possible
business opportunities and potential projects that they can invest in,” Lyu
said.
BSS/XINHUA/HR/1450