Modern Group billionaire, Ashish Monpara, shared his reasons for investing in Uganda during the Uganda-UAE Summit in Kampala. Monpara, who owns 10 factories in Uganda, including Modern Tiles in Njeru, Buikwe district, spoke about his decision to invest in the country. The factory currently produces 49,000 square meters of tiles per day, with plans to triple production to 150,000 square meters per day at full capacity.
Monpara explained that he was drawn to Uganda’s natural beauty, particularly as he traveled to Jinja. Uganda is known for its stunning landscapes, local cuisine, vibrant culture, warm climate, and friendly people. He also mentioned that his independent research had shown Uganda to be a stable market with significant economic and social potential.
Ashish Monpara shared his journey and stated, “From a distance, in India and UAE, we started opportunity research for impactful investments in Africa since 2010. Our data and analytics team were clear – Uganda was the most economically, politically, and socially stable market with huge potential.” He arrived in Uganda in late 2015, and the beauty of the country, particularly the Mabira forest and the Nile River, left a profound impression on him. He expressed his desire to build his life and vision in Uganda, leading to the establishment of Modern Group’s first plant, Modern Distillers Ltd, in December 2015.
Over time, the Modern Group has invested over $200 million across various sectors, including distillers, gas, aluminum, organic fertilizer, sanitizer, tiles, and sugar. The group has received several quality awards and recognition for its products. In 2023, Modern Group won the Best FDI award for its Tiles Plant at the Global Investment Awards, marking an achievement for Uganda in the history of the award.
The group provides employment to over 2,000 local youths directly and approximately 20,000 people indirectly. They aim to supply products to both domestic and export markets, contributing to foreign exchange revenue and building Uganda’s brand image internationally.
Looking ahead, the group plans to deepen its investments in refined and industrial sugar, iron ore steel, and a pharmaceutical vaccine plant. Additionally, they have signed a production deal with Lamborghini, planning to produce and export Lamborghini products from Uganda.
Ashish Monpara expressed his gratitude to President Yoweri Kaguta Museveni for creating an enabling environment for investments and thanked Minister Evelyn Anite and the Uganda Investment Authority for their support.