“Foreign investors are earning 300-400% margins in Uganda, especially in the steel sector. Pakistani businessmen and traders must enhance their presence there to earn lucrative returns,” he said.
He identified sectors such as pharmaceutical, steel, marble, food processing and many others as potential for investment in Uganda.
He said Uganda was also a gateway for Pakistan to access East African countries and it was the right time for investors to establish themselves there to tap the available business potential and penetrate the Eastern African market.
“Uganda offers cheap land and full protection to foreign investors and Pakistan should take maximum benefit of these attractive incentives,” he said.
Speaking at the occasion, ICCI Senior Vice President Muhammad Shakeel Munir said Uganda was still an unexplored market for local entrepreneurs due to which presence of Pakistani products there was minimal.
He said both countries should encourage frequent exchange of business delegations and organise exhibitions. Measures should also be taken to remove all bottlenecks that hamper the promotion of bilateral trade between the two countries.
He said Pakistani products like rice, textile, pharmaceutical, surgical, sports and leather goods, marble products, home appliances and food products have great potential to meet the needs of Uganda and East African markets.
He assured that ICCI would like to work closely with the Embassy of Uganda in Iran and Pakistan to bring private sectors of both countries closer.
Published in The Express Tribune, November 12th, 2014.
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Pakistan is wooing foreign investors while Uganda is persuading Pakistan to invest. Looks like knocking the wrong door.