From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Thu Oct 15 2009 - 16:29:11 EDT
Excerpt: "Unlike the previous quarters where most Foreign Direct
Investments (FDIs) were from the traditional market countries like USA,
Canada, Europe and Sweden, this quarter, there was a re-focusing in
investments with India, UK, China, Nigeria, Kenya, Sudan and Eritrea
being the major investors".
Business | October 15, 2009 (Daily Monitor)
Manufacturing sector tops investments in Uganda
Faridah Kulabako
Kampala - The manufacturing sector has continued to dominate investments
and create more jobs in the country according to the body responsible
for promoting and facilitating investments.
Addressing a news conference at the release of a quarterly report for
the months of July to September on Tuesday, Uganda Investment
Authority's (UIA) executive director Dr Maggie Kigozi said that the
manufacturing sector attracted investments in projects worth $43.2
million (Shs81.7billion) that are expected to create 35 per cent of the
planned employment in the country.
"We are beginning to see investors coming in the manufacturing sector
which has been our major challenge for many years. This will help us in
value addition which we have been lacking in the country," said Dr
Kigozi.
The entire investment sector for the quarter attracted 104 projects
worth $93.4 million (Shs177 billion) and expected to create 4, 000 jobs.
Ugandans topped the list of planned investments after projects 53
projects worth Shs153.7 million that are expected to create about 7, 565
jobs were licensed.
Unlike the previous quarters where most Foreign Direct Investments
(FDIs) were from the traditional market countries like USA, Canada,
Europe and Sweden, this quarter, there was a re-focusing in investments
with India, UK, China, Nigeria, Kenya, Sudan and Eritrea being the major
investors.
"Uganda's investors are now coming from countries where economies are
fast growing, coming to a country which was least affected by the global
economic down turn," she said.
Though the July-September quarter registered an increase in the number
of projects licensed from 65 in April to June to 104 in July to
September, Dr Kigozi said that the value of investments had, however,
declined from $415million to $266million in April to June and July to
September respectively.
The jobs created also declined from 8, 000 to 4, 000 in the July to
September quarter. Dr Kigozi said the steady increase in the investments
in the manufacturing sector was in response to the regional demand for
Uganda's edible oil, soap, maize flour and other food stuffs.
She said that the government and UIA were committed to the establishment
of the 22 industrial parks country wide as a way of developing Uganda's
industrial sector and for regional development
"We have intensified the fight for value addition to Uganda's products
as a way of creating more jobs and reduce poverty in the country," she
said.
http://www.monitor.co.ug/
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