18 November 2012

Uganda: Museveni Woos Thai Investors

President Yoweri Museveni has assured Thai entrepreneurs that Uganda has the best investment climate citing "quicker and bigger returns" on investment.

While addressing the Uganda-Thailand business forum on the theme, "Investment opportunities in the Republic of Uganda", Museveni, who is on a three-day official visit to Thailand, said Uganda has conducive weather, favourable laws, tax holidays, cheap and abundant labour as well as abundant raw materials.

Museveni assured prospective Thai investors of ready market for their products from the 34 million Ugandans, the 140 million East African dwellers and the bigger COMESA market, which has an estimated 500 million people.

He emphasised the need for more agro-processing industries to help the country reduce on the exportation of raw materials, especially coffee, cotton, beef, milk, fish, cereals and fruits.

Currently, trade between Uganda and Thailand stands at $20m per annum, but Museveni said this can be increased if Thai entrepreneurs tap into tourism and real estate investment opportunities in Uganda.

"If there are companies interested in tourism, there are endless opportunities," he said.

Dr. Fred Ssebowa, the director Uganda Investment Authority and the Thai Consul to Uganda, James Mulwana said Uganda's strategic position and availability of raw materials and markets within the region itself make it a formidable business hub for any investor.

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