Uganda has become the first country to officially announce a slew of new investment partnerships ahead of Expo 2020.
The announcement comes a day after Uganda’s national day was commemorated during the six-month-long festival.
The entire investments pledged during the signing ceremony are estimated to be worth around US$650 million.
The promises included $500 million for renewable energy and transportation projects, $50 million for mineral processing, and $50 million for a new pharmaceutical facility to create high-quality HIV/AIDS, Malaria, and tuberculosis testing kits.
The news was praised as a significant first step toward the investment opportunities that Expo 2020 Dubai would provide to participating countries.
According to the director-general of the Uganda Investment Authority, Robert Mukiza, “This announcement of an investment of about US$650 million is part of our broader ambition to bring in US$4 billion of new investment into Uganda to propel the country forward as it embarks on its post-pandemic recovery journey.”
“This was the first trip abroad that our president has taken in over two years, and it was undertaken to support this major announcement.”
He added “We are currently promoting about 79 bankable projects at different stages of development that are ready for investment. These projects can be actualized through public-private partnerships, joint ventures, private or public arrangements and some are Greenfield, brownfield, or expansion projects.”
“Our partners, therefore, have a wide variety of investment options to pick from.”
At a special event held at the Uganda pavilion, Uganda’s minister of finance, planning, and economic development, Matia Kasaija, observed singing rituals.
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