The Liaoning-Uganda Investment and Trade promotion conference was held on 17th November 2016 in the city of Shenyang, China.
The Liaoning-Uganda Investment and Trade promotion conference was held on 17th November 2016 in the city of Shenyang, China. The conference was organized by the Uganda Embassy in China in conjunction with the Liaoning Provincial Bureau of Commerce to highlight the opportunities for investment in and trade with Uganda.
Mr. Tong Zhiwu, Vice President of the Peoples Congress in Liaoning commended the conference for providing a platform to discuss strategies of encouraging Liaoning enterprises to invest in Uganda and contribute to strengthening bilateral cooperation with China. He observed that investments in infrastructural projects such as hydropower dams, road network, Standard Gauge Railway (SGR) in Uganda create the enabling environment to attract Liaoning enterprises. He further mentioned that Liaoning would contribute to Ugandas development in the following ways;
i)Infrastructural development, particularly in design, construction and supply of equipment and their maintenance.
ii)Comprehensive support to building an independent industrial base, modernize industry and manufacturing with support in capital technology.
iii)Facilitate construction of the Liaoning-Uganda Industrial Park and introduce small and medium enterprises from Liaoning to take advantage of incentives offered by Uganda to invest in the industrial park.
iv)Participate in Chinas national aid projects to Uganda through increasing their contribution.
v)Intensify cooperation in culture, education and tourism, particularly exchange between entertainment and cultural groups, exchange of students and cooperation in teaching Chinese language among others.
Hon. Esther Mbayo, Minister of the Presidency and who led a delegation comprising political leaders from Busoga region on a benchmarking visit to Liaoning province graced the occasion and lauded the Government and people of China for the strong ties and underscored governments commitment to support investments from China in the priority sectors of ICT, agro-processing, mining, tourism and infrastructural development. Amb Charles Wagidoso reiterated the commitment of government to support and expand economic relations between Uganda and China. He noted that the conference provided an opportunity to business enterprises in Liaoning to understand the business and investment climate in Uganda.
The conference was briefed on the key opportunities for investment in Uganda especially in agro-processing, ICT, mining, energy, transport, housing and construction sectors. Mr. Hamza Galiwango, Director for Lands Development in Uganda Investment Authority (UIA) highlighted incentives for foreign investments including zero rated taxes on building inputs especially plant and machinery, and briefed on governments efforts to establish industrial and business parks, and implementation of the one-stop-centre to facilitate investments.
Regarding the opportunities in the exports sector, the Executive Director of the Uganda Export Promotions Board, Dr. Elly Twineyo, invited business enterprises from Liaoning to invest and produce from Uganda with a view of exporting to the external markets including EAC, COMESA, EU and USA-AGOA, emphasizing that exports are zero rated for taxes.
The conference benefited from the perspectives of Mr. Zhang Hao, a successful entrepreneur in Uganda. Mr. Zhang, proprietor of Arirang Hotel, Hash Security Company and with interests in other sectors shared his experiences of investing in Uganda. He emphasised the political stability, liberal market economy and government investment in infrastructural projects that facilitate business and guarantee returns on investments.
Several high-level officials from the Liaoning Provincial government, private sector as well as the business enterprises in Liaoning attended the event.
The conference is among a series of forums initiated by the Uganda Embassy in Beijing and Consulate in Guangzhou as a platform for business leaders in China to hear directly from government officials about the investment opportunities and business environment in Uganda with the aim of attracting new investments and contribute to reducing the trade deficit.
Liaoning is a province in China located in the northeast of the country. The province covers an area of 144,000 km2 , estimated population of 44 million , GDP of US $ 150 billion and a per capita of US $ 10,000. Between January-August 2016, trade between Uganda and Liaoning was worth US $1.24m, with US $ 1.06m accounting for exports from China and US $ 180,000 as imports from Uganda. The province has a rich industrial base in petrochemicals, metallurgy, and machinery among others.