KAMPALA-- As the 2nd Uganda-China Investment and Trade Co-operation Conference drew to a close in Kampala on Thursday, the Chinese Ambassador to Uganda said more companies from his country will move to Africa.
The migration of the Chinese companies to Africa is expected to spawn enormous business and employment opportunities for the huge jobless populations on the continent, adds Ambassador Zheng Zhuqiang.
Chinese officials at the conferemce said, their countr, is currently moving 85 million jobs out of China and Africa could take a lion's share of the employment opportunities.
China is now the second largest trading partner with Uganda, the largest source of foreign direct investment (FDI) and the biggest infrastructure development partner for Uganda, said Zheng.
The conference, which is now held annually, is designed to attract and facilitate investments which can contribute to the industrialization of Uganda.
According to Uganda Revenue Authority, Uganda and China, through the forum, are seeking to consolidate the gains registered so far and create a platform for the establishment of mutually beneficial joint ventures between Chinese and Ugandan businesses.
Uganda is now among the top four investment destinations for China in sub-Saharan Africa. The foreign direct investment from China to Uganda was 290 million US dollars in 2017, the ambassador said. "The industrial parks Uganda is establishing are good because they will enable Uganda to achieve import substitution and promote exports.
Investments from China contributed more than 40 per cent of the total foreign direct investments received by Uganda in 2017. Several Chinese companies are executing a series of infrastructure development projects in Uganda, including roads and hydro-power dams.
During the conference, Uganda signed memoranda of understanding with Chinese companies for new foreign direct investment projects valued at 260 million USD.
Source: NAM NEWS NETWORK