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Ugandan President Welcomes Chinese Investment
Ugandan President Yoweri Museveni said on Saturday that the Chinese investment in his country will bring new technology and create jobs.
Museveni made the remarks at a ceremony of handing over the state-owned Lira Spinning Mill to two Chinese companies, the Guostar Enterprises Uganda Ltd. and the Tianjin Haihe International Service and Engineering Corporation.
He said that "the investment environment is good in the country so Chinese entrepreneurs are coming" and hoped more Chinese companies come to invest in Uganda,
The Guostar and the Tianjin Haihe have purchased Uganda's Lira Spinning Mill, and will invest US$20 million in the project and will employ 500 local people.
Chinese Ambassador Zhang Xujiang said the investment constitutes another marked achievement of the policy of attracting foreign investment by the Ugandan government.
He added that the purchase can play a positive role in promoting the development of local economy and strengthening the bilateral cooperation between the two countries.
According to Guostar Managing Director Guo Dong, the Jinda International Textiles Corporation, a new joint venture, will be set up on the site of the Lira Spinning Mill by the two Chinese companies.
Lira Spinning Mill, the largest in East Africa, was closed at end of the 1970s due to the civil war and was under the Uganda's privatization program.
The project, the biggest investment in Uganda by the Chinese companies so far, is expected to benefit cotton growers and the local community.
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