Kampala, (UG):- President Yoweri Kaguta Museveni yesterday welcomed South Korean Investors for a special meeting and urged them to exploit Uganda’s potential in a foreign direct investment strategy.
The delegation of investors was on Wednesday, July 17 led by Mr Kwon Hurkkoo, Mr Cho Shanghyu and Mr Kim Jinwook, all Directors of HINENI Ltd, a registered company located in Nakawuka, Entebbe Road.
During the meeting held at State House, Entebbe, President Museveni and his guests discussed areas of mutual interest and cooperation.
Mr. Kwon Hurkkoo disclosed their intention to establish a plant that will manufacture automotive components among which will be electric batteries to complement Kiira Motors Corporation. He further emphasised that the profits they will get from the investment will not be taken out of Uganda but rather reinvested in the country for development.
The investors who also visited Kiira Motors Corporation offered to give expertise in the form of training Ugandans in South Korea.
On the other hand, Mr Hurkkoo said they intend to invest in Styrofoam iron sheets in order to mitigate heat and noise in the environment where people live.
Mr. Cho Shanghyu, an ICT expert, noted that they also want to invest in advanced ICT technology and installation in Uganda.
On his part, President Museveni thanked the investors for coming to Uganda and reiterated a good working relationship with South Korea. He urged them to take advantage of Uganda’s strategic location in Africa and the availability of raw materials by investing in the East African country.
“Uganda is much easier to develop because it has got a lot of resources. Even now production is very big but the problem is its raw materials; so by adding value to these raw materials, Uganda’s economy will be far. You are most welcome, we shall give you all the support,” he said.
The President also endorsed their investment initiative but emphasised the importance of the safety of the materials to be used which must be subjective to the required standards under the Uganda National Bureau of Standards (UNBS).
The meeting was also attended by the Minister of Science, Technology and Innovation, Hon. Monica Musenero, the Minister of State for Gender, Labour & Social Development (Labour, Employment & Industrial Relations), Hon. Esther Davinia Anyakun, the Permanent Secretary- Ministry of ICT and National Guidance,Ms. Aminah Zawedde, Prof. Vincent Anigbogu, the founder of the Institute of National Transformation and Mr. Paul Isaac Musasizi, the CEO of Kiira Motors Corporation.
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