6 °c
London
Wednesday, April 21, 2021
No Result
View All Result
FurtherAsia FurtherArabia FurtherBrazil FurtherRussia
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

China to invest $620 million in Uganda’s largest mining project

FurtherAfrica by FurtherAfrica
August 16, 2018
in Africa, Capital Market, Development, Economy, Finance, Government, Industry, Legislation, Trade, Uganda
Reading Time: 3 mins read
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

China relations have birthed businesses and created employment opportunities that have paid off handsomely.

 

The bilateral relations between China and Uganda is paying off handsomely, as the latter is looking to increase its investments in the East African nation. China has been a long time supporter of African countries and the recent visit in June by China’s top political advisor Wang Yang affirmed the healthy relationship between the two. His tour was to facilitate stronger cooperation with their trading partner to improve infrastructure investment.

Uganda is set to unveil official operations of its probable largest mining venture in over 30 years, the Sukulu Comprehensive Plant. The developing project funded heavily by China manufacture fertilizer to meet the growing demand for the dressing. For the country’s agricultural sector to be more productive and competitive, the proper application of such chemicals is vital. Last year, a report established that Uganda is the country with the least use of fertilizer in the world.

$620 million will be invested in the project to increase the value of Foreign Direct Investments in Uganda. In 2012, the FDI stood at $1.2 billion but went down in 2016 to record $541 million. In East Africa, the country has been recording the highest FDI with Tanzania and Rwanda also attracting high investments with their conducive business environment.

With the increasing population in the nation, more pressure is added to the soil which hampers the productivity level. The mass needs to be fed and the Government is limiting its expenditure to import food. The soil fertility level decreases and hence to add more ‘strength’ to it, fertilizer application is needed. Other measures to sustain the productivity level such as quality seeds are put in place to reduce food insecurity saga.

Built within the parameters of Uganda-China Guangdong Free Zone of International Cooperation, that was unveiled on Thursday, the fertilizer manufacturing plant will as well create jobs for the citizens. Close to 900 Ugandans will benefit from the venture, adding to the productivity of the nation. With the population rising, employment security remains an issue at risk. More citizens can contribute to the general welfare of the economy and build a better country.

The manufacturing plant adds impetus to the industrialization sector in the country and expansion of other business opportunities. Industrial zones have been a primary target for big companies and potential investors to venture into. China’s contribution to such facilities has increased foreign investments in the economies and enhanced business environment to breed and expand more businesses.

Uganda seeks to use the opportunity to increase fertilizer use locally and for exports. This will come in handy to increase forex revenues for developing the nation. It would strengthen the local currency to be competitive in the global market.

A steel plant will be integrated as well to revive the mining industry. The Government of Uganda has vowed to offer total support to see the success of the same. They also hope to see the introduction of new technologies to better the performing chances of the sector. Such ventures will reward the Chinese Government with monetary value as they seek to invest more on the African soil.

Source: The Exchange

Related

Tags: African soilchinaChina’s top political advisor Wang YangChinese GovernmentEast AfricaFeatureForeign Direct InvestmentsRwandaSukulu Comprehensive PlantTanzaniaUgandaUganda-China Guangdong Free Zone of International Cooperationугандаأوغنداウガンダ乌干达
ScanSendShare320Tweet200Share56Pin72Send
Previous Post

African states consider endorsing yuan as reserve currency

Next Post

Africa abandoning internet satellite status

FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Procedure for registration of a Limited Liability Partnership in Nigeria
FDI

The role of government in securing FDI

by Africa Oil & Power
April 21, 2021
Angola’s Sonangol reiterates payment commitment of drill ships
Africa

Maersk Drilling secures US$24M Exploration Contract in Gabon

by Africa Oil & Power
April 21, 2021
Ghana sells US$101.6M worth of 10-year bond
Economy

Ghana’s economy to hit US$70B in 2021

by Staff
April 21, 2021
Economy

Angola: Fitch estimates growth of 1.7% this year

by FurtherAfrica
April 20, 2021
Ethiopia’s Assela wind farm project enters construction
Renewables

Eastern and Southern Africa’s vast renewables potential offers route to sustainable growth

by Staff
April 20, 2021
Next Post

Africa abandoning internet satellite status

With eye on Asia, Mitsui plans $1.5bn Mozambique gas investment

Japanese startup cultivates e-money platform for Asian farmers

US$180B+ will be spent on 88 upcoming oil and gas fields in Africa to 2025

Sasol ramps up investments in resources-rich Mozambique

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

2021 AFSIC
2022 Indaba Mining

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
CrudeMix Africa TechGist Africa Farmers Review Africa
Botswana unplugged Financial Insights Zambia Africa Oil & Power
Harambee Africa Novafrica  

Subscribe to FurtherAfrica

Enter your email address to receive notifications of new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

© 2021 FurtherMarkets

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?