{UAH} Museveni enters $265m deal with China
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12:08 PM |
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Uganda and China have signed a Memorandum of Understanding (MOU) for 3 proposed investment projects namely the construction of the East African-China Manufacturing, Trade and Exhibition Centre in Kampala, an abattoir in South Western Uganda and Kampala Metropolitan Rapid Bus Transport.
The proposed US$200 million East African – China Manufacturing, Trade and Exhibition Centre, is to be established on a 355,000 Square Metre piece of land in Bugolobi while the US$25 abattoir project in the South Western part of the country, is expected to slaughter 200 cows per day for beef production.
Under the proposed Kampala Metropolitan Rapid Bus Transport, with an investment portfolio of US$40 million, will have 26 bus stations and 6 bus terminals established.
The MOU was signed by State Minister for Animal Industry, Hon. Joy Kabatsi, on behalf of the Government of Uganda while the Chief Executive of East Africa International Trade Company, Mr. Wang Shujun along with Executive Director of Wanton Think Tank, Mr. Lijun He and Mr. Jingshi, an outstanding entrepreneur, initialed it on behalf of the Chinese investment group.
The ceremony took place at State House, Entebbe and was witnessed by President Yoweri Museveni and the Chinese envoy to Uganda, Ambassador Zheng Zhugiang.
"These are very good projects which will strengthen trading with China. We shall support it," President Museveni observed as he met the investors yesterday at State House, Entebbe.
The President assured the proprietors of the East African Trade and Exhibition Centre that the Government of Uganda will avail the necessary land to them.
He also observed that there is need to rationalise the transport system in Kampala in order to decongest the City adding that taxi and bodaboda operators will be met and encouraged to be in the Kampala stock exchange with a view to helping out those who want to be shareholders to buy shares in the company.
He noted that this arrangement will achieve a win-win situation where everybody will concentrate.
Regarding the beef production project, the President assured the Chinese entrepreneurs that the country's projected cattle stock is projected to be 24 million up from the current 14 million.
He added that the cattle feed on natural pastures and that 20% of the 14 million are sold for slaughter per annum. He observed that if artificial feeding is introduced, the supply of cattle will definitely increase due to faster growth.
He informed that Uganda needs to concentrate on promotion of beef export because the current trend is that beef is largely for the internal market. He assured the investors land for growing up the export of beef will be availed by the Government of Uganda.
President Museveni also told the Chinese delegation that Uganda welcomes investors into a diversity of other business sectors such as tourism, solar power generation as well as coffee and cocoa processing.
The Chinese entrepreneurs requested the Government of Uganda to establish a coordinating committee to enable investors coordinate with the line Ministries and other relevant groups aiming at realizing high efficiency and progress.
Mr. Stephen Kaboyo, a member of the Presidential Advisory Group, who also attended the meeting observed that Uganda is yet to gain a strong foothold into the Chinese market that has high growth potential.
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