Uganda eyes more Chinese investment: Ambassador

FUZHOU - Uganda seeks to attract more Chinese investment with "the most favorable policies," said Ugandan Ambassador to China Charles Madibo Wagidoso on Friday.

"Foreign investors will enjoy tax exemption, quick investment examination process, and liberty to transfer capital in and out of Uganda," said Wagidoso attending an investment promotion conference in Fuzhou, capital of East China's Fujian province.

The projects highlighted at the event range from a crude oil pipeline, iron ore processing, airport development and gold and gemstone mining.

China ranks the first place in terms of foreign direct investment in Uganda, totaling $4 billion, according to the Chinese Embassy in Uganda.

Wagidoso said Uganda is an open and highly liberal market, a good investment destination for both state-owned enterprises and private businesses from China.

In response to the recent protest against Chinese retailers in Uganda's capital Kampala, Wagidoso reassured investors that their interests will be well protected as always, and that domestic and foreign businesses are treated equally in the country.

"We welcome both large and small businesses from China," Wagidoso said.

He also stressed the win-win nature of China-Africa economic cooperation. "Guangdong Dongsong, a successful company in Uganda, produces fertilizers which?are in dire need for local agriculture and has created 3,000 jobs, generating tax revenue for the local government."

In recent years, China has launched a series of projects in Uganda, including Entebbe International Airport, an agri-industrial park in the central Ugandan district of Luweero and several hydropower projects.