China emerges as the top foreign investor in Uganda

21:09, July 08, 2010      

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China has emerged as the leading source of foreign direct investment (FDI) in Uganda for the just concluded 2009/2010 financial year despite the global economic downturn, said a report released on Thursday.

According to the Uganda Investment Authority (UIA) report ranking the country's sources of investment for the 2009/2010 financial year, China established 31 projects in the East African country with a total planned investment of 245 million U.S dollars, creating 5,568 jobs.

In 2008/2009 financial year, China emerged as the second biggest investor amid the global economic downturn.

"China for the first time has emerged as our biggest foreign source of investment in the country," Maggie Kigozi, the UIA executive director, told a press conference.

"For the last four years, China has been improving. They are now on top. They have established several projects in construction, information, communication and technology and food processing," she said.

The neighboring Kenya emerged the second after investing 209 million dollars on 11 projects with planned employment of 3,400.

India, United Arab Emirates and United Kingdom with 28, 1 and 11 projects invested 92 million dollars, 28 million dollars and 22 million dollars came third, fourth and fifth respectively. The other top contributors include Russia, Nigeria, Togo, Germany, Sudan, Lebanon, Virgin Islands, Eritrea and Ethiopia.

Meanwhile, Ugandans with 216 projects and a planned investment of 880 million dollars maintain the main investment source in the country, said the report.

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