Uganda urges Sri Lankans to invest there
Uganda is urging the Sri Lankan business community to invest in that country benefiting through duty free access to the United States, European Union and China with low labour costs but a skilled workforce.
Addressing a packed audience of Sri Lankan business leaders at the Export Development Board auditorium in Colombo on Tuesday, visiting Ugandan President Yoweri K. Musaweni said that his country has duty free and quota free access to the US, EU and China for the export of 6500 products.
He expressed his willingness to offer Sri Lankan businessmen an opportunity to explore the Common Market for Eastern and Southern Africa (COMSA), the combined Africa Free Trade Zone (AFTZ) and East African Community (EAC) through Uganda.
“We are here to talk about development through making money, and not here to talk charity,” said President Musaweni, who was involved in the struggle that ousted dictator Idi Amin ending his rule in 1979, and in the rebellion that subsequently led to the demise of the Milton Obote regime in 1985.
“Sri Lanka and Uganda can work together to jointly leverage the growth segments of COMSA, AFTZ and EAC for mutual benefits (in the medium and long term),” said Rishad Bathiudeen, Minister of Industry and Commerce. He noted that according to the IMF, Uganda is expected to record strong economic growth through next year and also that the UNDP’s human development index puts Uganda’s household incomes, education and health indicators above the regional average. Janaka Ratnayake, Chairman/CEO of EDB, said: “Sri Lanka’s exports to Uganda mainly consist of electronic, electrical products, parts and machinery, rubber products and paper. Sri Lanka increased her exports to Uganda remarkably during the past six years almost 50 fold.”
Sri Lanka’s imports from Uganda in 2011 were worth US$487,000. It has huge potential for garments, pneumatic tyres, printing and packaging, footwear and confectionary exports to Uganda, he said. Several Lankan businessmen who attended the forum were keen to know about Ugandan trade and investment opportunities. However they noted that they will have to study the tax system and other intensives for investments in Uganda before making any decision on investments.
They pointed out that Uganda’s low cost labour and tax free trade arrangements with US, EU and China are positive factors but the country’s trade and tax regime should be further liberalised for them to enter into Ugandan market.
Zahid Hussein Jafferjee, Managing Director of Lanka Mouncastle (Pvt) Ltd, a producer of hats and caps for export market, told the Business Times that he is interested in doing business with Uganda. He said that he gifted two top hats to President Musaweni and the First Lady, Janet Musaweni.
 President of Uganda signs MoU document. Pic by Hasitha Kulasekera |
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