M7 Woos More Chinese Investors

President Museveni (R) meeting with Chinese investors at Rwakitura. PPU PHOTO.
President Museveni (R) meeting with Chinese investors at Rwakitura. PPU PHOTO.

Ugandan President Yoweri Museveni has urged more Chinese businessmen to invest in the country and said that his Government was ready to work with all those people of good will that want to invest in areas of importance to National Development such as works and transport sector.

President Museveni revealed this while meeting with a group of Chinese investors from China Civil Engineering Construction Co-operation.

The group who were led by the company’s president and director, Mr. Yuan Li, called on the President at his country home in Rwakitura yesterday.

On behalf of his organisation, Mr Yuan Li briefed the President on a number of projects that have been undertaken by his organisation since it was founded in 1979, that range from international contracting for railway, constructing designs, real estate as well as industrial development. The organisation’s activities extend to more than 40 countries in the world.

Yuan told the President that his company was interested in investing in Uganda especially in infrastructure development because of the existing vibrancy and performance of Uganda’s economy and several opportunities that exist in the construction sector.

The meeting was also attended by the State Minister for Transport, Mr. Stephen Chebrot.

China has in the recent years increased it’s investments in Africa and Uganda is among those countries that have benefited from the Asian giant.

The influx of Chinese over the years has led to increased rapid economic and trade growth with Chinese investment to Uganda totaling over USD596m.

A recently released Uganda Investment Authority (UIA) quarterly abstract report tracking the source of foreign direct investment (FDI) to Uganda, China emerged second, accounting for 13 per cent of the projects.

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