Business

Thursday July 30, 2009

Wilmar Plantation to invest US$10mil in Uganda


MUNYONYO (Uganda): Wilmar Plantation Services Ltd, one of the world’s biggest palm oil traders, is investing about US$10mil to establish an oil palm plantation in Kalangala, near here, over a three-year period.

Uganda Investment Authority executive director Prof Maggie Kigozi said the amount was only an initial investment, as the company was poised to expand the plantation project in future.

“Uganda has vast tracks of land, suitable for oil palm plantations. It’s a huge opportunity.

“We hope more Malaysian investors will come here to invest not only in the plantation sector but also in tourism and agriculture,” she told Bernama.

Kigozi said apart from Wilmar Plantation Services, which plans to hire or engage at least 147 workers, two other Malaysian-owned companies, Nico Insurance (U) Ltd and Prespec Prime Ltd, had also invested in the community and social services sectors respectively.

“We have another two Malaysian-related companies, Lake Victoria Convention Centre and Resort and Phenix Logistics (U) Ltd, involved in joint venture businesses with local partners.

“This is a good omen for us as more foreign investors and tourists are coming to Uganda as a result of the Smart Partnership Dialogue here in 2001,” she said.

This year’s 19th Global Smart Partnership Dialogue was hosted by Uganda for the second time.

Kigozi, however, indicated that the number of Malaysian investors in Uganda was still small and efforts were being made to lure more foreign investments from the country and elsewhere.

On investment opportunities in agriculture, she said Uganda was among the leading producers of coffee and bananas.

“It is also a major producer of tea, cotton, tobacco, cereals, oilseeds, fresh and preserved fruits, vegetables and nuts. The opportunities include commercial farming and the supply of agricultural machinery,” she added.

On tourism, Kigozi said the distinctive attraction of Uganda as a tourist destination arose from the variety of its game stock and unspoilt scenic beauty.

Maggie said the opportunities in tourism included constructing high quality accommodation facilities, operating tours and travel circuits and the development of specialised eco-tourism.

Uganda has a total population of about 30 million. — Bernama

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