Kezalla Mohammed Baswali, the deputy high commissioner of Uganda to India, said on Saturday that the country has created immense investment opportunities for Indian entrepreneurs.
Addressing the India-Uganda SME trade connect, organised under the aegis of the Noida Chapter of Indian Industries Association (IIA), Baswali said that with its consistently improving infrastructure and welcoming population, Uganda can be explored as one of the best places for investment.
“Uganda’s investment climate continues to present important opportunities for Indian investors. With an open market economy, ideal climate, ample arable land, young and largely English-speaking population, and at least 1.4 billion barrels of recoverable oil, Uganda has immense scope for the Indian entrepreneurs, especially those from the micro, small and medium enterprises (MSME) sector,” he said.
Talking about the textile and apparel industries in Noida, he said that since Uganda produces one of the best grades of cotton, investment in the textile sector can be particularly attractive for Indian investors. “The Indian entrepreneurs can also invest in manufacturing, tourism, electronics, infrastructure and education sectors. Since the geographical location of Uganda provides a strategic commanding base to trade and investment and 75% of its population is under 30 years, it provides an educated and skilled labour force for the investors,” he said.
Echoing similar views, Birungi Sophie, the first secretary of the High Commission, said that the liberalised economy and 100% foreign investment permitted in Uganda, ensures free inflow and outflow of capital to the investors. “Uganda’s conducive investment environment guarantees duty and quota-free access into the US, under the AGOA Act. Foreign investors can avail two incentives here – general and sector-specific. While the first one is based on import and export, the sector-specific incentives are given to investment projects in priority sectors, such as agro-processing, horticulture, food processing, textiles and garments,” she said.
{{/usCountry}}Echoing similar views, Birungi Sophie, the first secretary of the High Commission, said that the liberalised economy and 100% foreign investment permitted in Uganda, ensures free inflow and outflow of capital to the investors. “Uganda’s conducive investment environment guarantees duty and quota-free access into the US, under the AGOA Act. Foreign investors can avail two incentives here – general and sector-specific. While the first one is based on import and export, the sector-specific incentives are given to investment projects in priority sectors, such as agro-processing, horticulture, food processing, textiles and garments,” she said.
{{/usCountry}}She further said that a 10-year-long income tax exemption is given to the free zone developers and operators, having an investment capital up to 50 million USD. Among others, who addressed this meet, were IIA (Noida) chairman Kulmani Gupta, his deputy Umesh Batra and Rekha Sharma.
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