A new wave of economic development is on the horizon for Uganda as a Chinese investor, identified as Zeng Rong Yao, steps forward with plans to invest in the country’s industrial sector. Government authorities have allocated five hectares of land in Jinja Industrial Park to Mr. Yao, who intends to establish two companies specializing in shoe manufacturing and ceramics production.
State Minister for Privatisation and Investment, Ms. Evelyn Anite, announced on March 13 that Mr. Yao’s investment is estimated at $10 million, approximately equivalent to Shs39 billion, and is expected to generate around 500 job opportunities for Ugandans. Despite the provision of free land, the investor is undergoing due diligence procedures, including the submission of a performance bond and proof of financial capability to fulfill the investment commitment.
Expressing gratitude to the Ugandan government for its support, Mr. Yao commended the facilitation efforts aimed at promoting investment and entrepreneurship in the country. Addressing journalists in Kampala, he acknowledged the professionalism and efficiency of government operations, emphasizing the confidence instilled in investors by the prompt resolution of conflicts and challenges.
President Museveni’s initiative to enhance investor protection through the Electronic Investor Protection Portal (EIPP) further underscores Uganda’s commitment to fostering a conducive business environment. Launched last year, the portal enables investors to report grievances such as corruption, bribery, and delays directly to the Office of the President. Spearheaded by the State House Investors Protection Unit under the leadership of Col Edith Nakalema, the portal is a unique platform facilitating transparent communication between investors and government agencies.
Col Nakalema highlighted the portal’s innovative features, including live chat functionality and language translation capabilities, ensuring timely feedback and support for investors of diverse linguistic backgrounds. The portal’s implementation aims to address systemic issues such as corruption, which poses a significant barrier to Uganda’s socio-economic progress. According to the Inspector General of Government, the country loses an estimated Shs10 trillion annually to corruption, underscoring the urgency of combating corrupt practices in both public and private sectors.
