Friday, July 19News That Matters

Museveni has encouraged Lohana investors to do business in Uganda.

President Yoweri Museveni has encouraged the Lohana Community in Uganda to take advantage of various investment opportunities in Uganda and start doing business.
President Museveni made the remarks while addressing over 800 delegates who had been attending the Lohana International Business Forum at Speke Resort, Munyonyo in Kampala.
The President outlined a number of raw materials mainly of agro products and mining which need value addition and this can be achieved by setting up industries in Uganda.
He said that by establishing factories in Uganda to add value on produced raw materials, they will create employment opportunities for the youth in Uganda and also broaden the tax base.
The Lohana International Business Forum 2023 was held under the theme “Africa calling” and was attended by 800 delegates from 28 countries across the world.
On speaking to the Chairman Board of Trustees of Lohana Community, Sudhir Ruparelia said that the Business Forum is aimed at Networking and creating business opportunities for Uganda and the region.
The Lohana Community form in Uganda is one of the strongest investment and business blocs and includes luminaries like Ruparelia Group (real estate and hospitality), Madhvani and Mehta (sugar) and House of Dawda (processed foods), amongst others.
The Lohana Community form part of the 27,000-strong Indian community that dominates trade, real estate and manufacturing in Uganda.
The Chairman of the Indian Association of Uganda, Mohan Rao, said Uganda has been very welcoming to Indians, some of whom have made the country their home for over 100 years now and said that the Indian community considers their stay in Uganda as peaceful, pleasant and profitable.
Rao said India is the second source country for investments in Uganda, citing that from 2015 to 2020 Uganda Investment Authority (UIA) licensed 228 Indian investment projects valued at US 464.5 million dollars and created 20,000 direct jobs.
Speaking at the same event the Minister of State for Investment and Privatisation Hon Evelyn Anite said that the government of Uganda has given a tax waiver to investors who are ready to add value to Ugandan produced raw materials.
She said that the government through the Uganda Investment Authority is in the final process of creating 25 Industrial Parks across the country and implored investors to take the advantage to get space into the industrial parks and build factories.
Minister Anite disclosed that the Government, through Uganda Investment Authority, is offering Indian investors a 500-acre industrial park in the Lake Albert Basin where Oil and Gas exploitation is ongoing which will focus on agro value-addition, manufacturing, ICT and services.
While addressing the same gathering, the Chairman of UIA Morrison Rwakakamba said that the government has created an enabling and peaceful environment for investment and this should be a basis for the Lohana International Business Community to tap on this major opportunity to establish businesses.

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