Over $300 Million investment deals signed as VP Alupo closes the Afro-Indian Summit

Growth, investment, business partnerships, and job creation was the hallmark of the closure of the week-long Afro-Indian Summit. Several manufactured items on display, and products from different factories gave the feel of the journey that Uganda has undertaken over the years; from largely- an importing country, to the productive country that Uganda is today.  Therein, the role of the Indian Community in Uganda's journey to development and self-reliance cannot be overstated. 

With deals worth over US300m signed, social economic transformation and the journey to Vision 2040 is more realistic.

Vice President Jessica Alupo who officiated at the closing ceremony said that 

the summit signified Uganda’s commitment to private sector development, and a "focus to further increase the promotion of Uganda’s abundant investment potential."

She gave re-assurances of further and increased partnerships which have over the years, grown,  encouraging the community to further   ntribute to the four sectors of Manufacturing, ICT, services, Agand riculture. 

The Vice President expressed her gratitude to President Museveni for "creating this peaceful   vironment that has enabled such a long and sustained peaceful environment for growth.

In her preamble earlier, the Vice President recounted of an Indian friend she went to school with during her primary school years  when indians were expelled.  "With what happened,  we will always stand firm to protect your investments. Continue investing, Uganda is very peaceful,  as President Museveni steers the wheel of our country to greater heights. 

The Vice President  said Uganda and India have enjoyed warm and cordial bilateral relations extending back to 19th century.

She hailed India for the sustained Foreign Direct Investment  to Uganda; ranked today as 2nd. 

"The total investments of Indian business community in Uganda stands at USD 1Bn. Similarly, Uganda’s total exports to India in 2020 was USD. 56.9 million composed of mainly; coffee, tea, spices, cocoa, fruits, grains, edible oil, cotton and dairy products", the VP said.

The two countries  mainly  trade in spices, pharmaceutical products, machinery, organic chemicals, electronic equipment, paper and paper board .

The  Vice President  urged  the  business community of the two countries  to "seize the investment and business opportunities to maximise value addition and mutual gains, let's deepen our markets,"  the VP remarked, calling upon them to  take advantage of such engagements to expand partnerships. 

"These engagements  enhance technology, skills, financing, standards and further deepen access to markets."

The  summit coincided with the celebration of 100 years, since the Uganda Indian Association was formed. Remarkable progress in business processes has since been realised, most notably, a one Stop Centre to investors across all Government services. "This eases the business environment and reduce the cost of doing business", said the VP,  as she highlighted significant benefits; stability over the last 30 years under  President Museveni's leadership; 

political stability, democratic progress and economic growth. "Uganda is fully peaceful and secure – border to border", the VP stated.

Other benefits highlighted by Alupo include open economy; the best to FDI within the EAC. "There are no restrictions on ownership of investments, movement of capital or foreign exchange", she added, citing a world bank report which shows net FDI in flows of over USD 1bn a year on average in Uganda.

Other benefits  cited by Alupo were Uganda's excellent working and living environment, the lowest cost of living,  fastest growing work force in the region and flexible labour regulations, large and growing market  of

 nearly 284 million people in EAC, COMESA 560 million and over 1.5bn in Africa. 

 "Uganda is no doubt, the best investment destination", the Vice President said. 

 "This is the right time for enhancing the partnership and investing in Uganda," Alupo said. 

Hon Anite, the Minister of State of Investment  thanked the Vice President for bracing the closure of the Afro-Indian Investment Summit, highlighting to her, the importance of Government's effort to return the departed Asians' properties.

"That act reminds us to continously promote Uganda as the best investment destination in Africa. With over 3500 factories in Uganda, close to 1200 are owned by Ugandans of Indian origin". 

The Minister of State for energy-Peter Lokeris who described the President and the Vice President as "developmental and focused" said Uganda was a country of incredible wealth which, if combined, Uganda would see more light. 

The chairperson of the Indian Association in Uganda Mohan Rao said in  marking 100 years " we do this because this is our home, and when home flourishes, we flourish too."

At the opening of the ceremony a day earlier,  the President  had described the  Asian expulsion by Idi Amin as "not only an act of immorality and not being strategic but was also not necessary at all.

The Minister of State for Investment Hon. Evelyn Anite told the president that the summit was intended to promote Uganda as the best investment destination in Africa.

The conference was also addressed by first Generation Investors; Mahendra Mehta who is the Chairman Mehta  group.