Gulf Co-operation Council investment forum participants pledge millions for development of Uganda
KAMPALA, 28 May 2012 – Participants at the Gulf Co-operation Council (GCC) investment Forum that ended today pledged hundreds of million dollars to developing agribusiness, green industry, renewable energy, education and health in Uganda.
Co-organized by the United Nations Industrial Development Organization (UNIDO), the two-day event was attended by over 250 investors, entrepreneurs and government officials from Uganda and the Gulf region.
The Forum, under the theme "Uganda: A country of opportunity and prosperity", provided Ugandan businessmen with an opportunity to meet counterparts from GCC Member States - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).
Some 600 bilateral meetings were held and some 200 business project ideas were developed during the Forum, which is expected to boost trade between Uganda and the GCC countries.
The forum was inaugurated by the President of Uganda, Yoweri Museveni. In his speech the President praised the role of the various partners in organizing this forum, including UNIDO.
The GCC delegation was headed by Sheikh Ebrahim Bin Khalifa Al Khalifa, Chairman of UNIDO ARCEIT (Arab Regional Centre for Entrepreneurship and Investment Training). In his keynote speech Sheikh Al Khalifa reiterated the need for entrepreneurship development for economic growth and confirmed UNIDO ARCEIT's willingness and commitment to support Uganda in its economic empowerment endeavours.
The Ugandan Government expressed interest in funding a infrastructure project worth USD 440 million through public-private partnerships.
The forum was organized in cooperation with the Government of Uganda through the Uganda Investment Authority (UIA), the Arab Bank for Economic Development in Africa (BADEA), the Federation of Gulf Co-operation Council (GCC) chambers of commerce and the Islamic Development Bank (IDB).
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