Kampala — Government has to hasten plans to lower power tariffs for industries if the country is to compete favourably at both regional and global level, the private sector has said.
"Huge facilities like these that are today paying around 11 cents per kilowatt, their tariff has got to come down to five cents. The government has worked and invested heavily in the new dams, Karuma and Isimba and we expect power prices to come down very quickly," Private Sector Foundation Uganda chairman Patrick Bitature said.
Mr Bitature also said that there is need to provide land and labour at a reasonable price so that investors can inject their money into the country's sectors and get a good return at the same time.
He made the remarks in Namanve last week where Roofings Group had hosted a delegation of 30 companies from MEDEF International, a representative organisation of the French private sector.
Mr Oliver Lalani, the executive director, Roofings Group, asked the investors to do long term investment not only to get decent returns on investment but to also improve the country's economic position.
According to French Ambassador to Uganda, Ms Stephanie Rivoal, the two-day visit was aimed at demonstrating the investors' potential to succeed in Uganda. The French delegation included representatives from energy, infrastructure, construction, trade, water, medical and oil and gas sectors.
Much need investments
MEDEF International's visit follows government's efforts to woo French investors to look into opportunities in Uganda.
The visit comes at a time when government is looking to attract meaningful investment in the sectors of agriculture especially in value addition, tourism, mining, and oil and gas.
France has so far created 18,000 jobs in Uganda and more investment is expected especially in the oil and gas sector.
"I do not know the exact amount that we have invested already but what I can tell you is that for the oil project, the total investment is going to be $10b (Shs35.8 trillion), of which $8b (Shs28.6 trillion) will be met by Total. The other is already in industries," Ms Rivoal said.