Business and Finance
Uganda to get a modern maize mill thanks to the UK Convention.
The First Lady and Karamoja Affairs Minister Janet Museveni has welcomed Ugandan born Indian investors who are willing to have an input in the rehabilitation and development of Uganda.
She cited the case of processing and value addition industries, which she said will be great motivation to the farmers to produce more.
Mrs. Museveni addressing a group of potential investors, who included the Ugandan- born Nagrecha Brothers, based in the United Kingdom. The meeting took place at Nakasero State House.
The group was led by Mr. Willy Mutenza, a Ugandan businessman based in the UK and the Chairman and Founder of the Uganda UK Convention.
The Investors’ interest in Uganda is in response to the First Lady’s call to Ugandans in the Diaspora and their friends to invest in the country. She made the call during the Uganda UK Convention 2012 in London in September.
The Convention which run along with the Diaspora Trade and Investment Expo 2012 under the theme “Aspiring for Sustainable Prosperity” promoted Uganda as the preferred investment destination for Ugandans in the Diaspora.
Vinubhai Nangrecha and Hasubhai Nangrecha who own the Cash and Carry chain in East London not to mention a vast property portfolio. The Nagrecha’s plan to invest between $10 to $20 million in a modern maize mill plant in the country. The Nangrecha brother left Uganda during the Idi Amin’s expulsion and from nothing have accumulated a lot of wealth and are one of the wealthiest Asian in UK.
The delegation included other investors from Indian that included Champak Unadkat (Nitash Cogeneration), Nirmal Bhandari (Pride International) and Ashwin Chandrani (Overseas Steel upplies Ltd) from UK.
The Investors also have plans to mobilize out growers and build silos in maize producing areas.
The group further told Mrs. Museveni that they intend to explore opportunities of investing in milk processing, fruit processing and biomass power generation.
They donated 2 tractors to the farmers in Karamoja and Ruhaama in addition to pledging in cash to rehabilitate the 75 year old Nyakika Primary school in Ruhaama Ntungamo District in an effort to provide better education for Ugandan children.
The Nagrecha Brothers whose parents were among the Indians expelled from Uganda by the former president, Idi Amin, in 1972, said their hearts are with the country. They pledged to do their best as they contribute to re-building Uganda.
Mrs. Museveni thanked the Indian Investors for their big heart and for their input in re-building Uganda. It is great that the Ugandan UK Convention has managed to fulfil its objectives and mission in attracting investors to Uganda.