A Uganda business meeting was recently conducted in Chennai in the presence of Grace Akello, High Commissioner of Uganda in New Delhi, to explore prospects for Indian investors in important areas such as commerce, tourism, culture, technology transfer, and human development.
Uganda is the most popular business location in East Africa. Uganda is home to Lake Victoria, the world's biggest freshwater lake. Because of its proximity to the equator, it is ideal for agriculture, with mild temperatures, highly rich soil, and a lot of water.
Uganda's political situation is fairly stable. Uganda has advanced significantly under the leadership of Yoweri Kaguta Museveri, and there has been no public disturbance in the country for the previous 34 years.
Uganda welcomes foreign investment and has a highly liberalized economy. Uganda enables potential investors unrestricted movement of money to and from the country. Uganda allows complete repatriation of earnings once necessary taxes have been paid. Uganda allows 100 percent foreign ownership of private venture. All government incentives and tax breaks that are offered from time to time apply to foreign investment as well.
Industrial Zone Incentives, There is a Corporation Tax Holiday of ten years. Exemption from duty on raw materials, plant, and machinery. There is no export tax on exported goods Agricultural Opportunities Uganda has 19 million hectares of agricultural area, with less than 1% of this land being used for fruit and vegetable cultivation, indicating a large potential for agriculture.
Agriculture's Major Products Uganda has the unrivaled potential to be the East African Community's food basket. Because the soil is highly rich and there is plenty of water, rice and maize may be produced in plenty for both internal use and export. Other items that may be abundantly cultivated include soya bean, sun flower, cotton, and sugarcane.
Coffee and tea are two additional significant goods manufactured. Uganda is a significant producer of fruits; all types of banana are produced there, as is mango cultivation, as are pineapple, jackfruit, oranges, papaya, and guava. Avocado is also extensively cultivated and has export potential. Agriculture with four crops is conceivable, according to Annam.
Uganda is best suited for floriculture, and all types of flowers may be cultivated for sale to Europe and the United States.
Coffee and tea have enormous processing, packaging and export possibilities. We need agriculture machinery and suitable packing to preserve and export all of the above agricultural products.
Milk - Because Uganda has a surplus of milk, milk products and milk powder may be manufactured for internal and export use.
The Press Conference was also attended by Madhusudan Agrawal, Co-founder of Ajanta Pharma Ltd., Vinod Saraogi, Chairman of Meridian Group of Companies & Go Colors, and Paras Jain, Chief Coordinator.