The government of the Republic of Uganda announced the signing of a number of new business deals worth $650 million, during its participation in Expo 2020 Dubai, which constitutes the first investment announcement to be revealed since the launch of the Expo.
The deals were signed during a ceremony held in conjunction with the celebration of Uganda’s National Day at Expo 2020 Dubai and the commitments included investments in fields such as renewable energy, transport, agriculture, mineral processing and manufacturing medical kits.
Mr. Robert Mukiza, director-general of the Uganda Investment Authority (UIA), stated that the East African country hopes to attract $4 billion of new investment to fuel its post-pandemic recovery. The country is currently promoting about 79 projects that can be financed in various stages of development and are ready for investment. These projects can be realized through public-private partnerships, joint ventures, and private or public arrangements, some of which are projects in new areas, industrial projects, or expansion projects.
The UIA signed a letter of intent with the UAE-based company Connect, which will invest $500 million in the country. Connect will pursue a variety of projects in Uganda, including a renewable energy initiative that will generate electricity and offer smart energy storage.
Wondfo Biotech, a company based in Guangzhou, China, will invest $50 million in a pharmaceutical facility in Uganda to manufacture high-quality diagnostic kits for HIV, AIDS, malaria, tuberculosis, and other diagnostic technologies.
Further, the UIA has teamed up with Dubai-based Worldera Corporation, an industrial, manufacturing, shipping and commodity trading company, which plans to invest $50 million in various areas including mineral processing, agriculture and education sectors. It also signed a deal with business conglomerate Modern Group, which will invest $50 million in manufacturing, agriculture and mining.
Modha Investments, a global financing conglomerate that invests in commercial agriculture and food processing, also agreed on a multi-million-dollar commitment in Uganda and it will bring over 5,000 jobs directly to farmers in the country, UIA said.
“We do look forward to working together on recovering from the implications of COVID-19 and expect non-oil trade between our nations to surpass pre-COVID levels, we hope to expand the horizon of our partnership into new fields across biodiversity, agro-processing, renewable energy and tourism,” Sheikh Nahyan bin Mubarak, the UAE’s Minister of Tolerance and Coexistence, and commissioner-general of Expo 2020 Dubai, said.
The Ugandan pavilion at the Expo site is in the ‘opportunities’ area, which is intended to promote the country as a destination for trade and a transport and logistics center. It is exhibiting emerging investment opportunities, especially in the areas of agriculture, industry, energy, minerals and oil and gas.
