Uganda Free Zones Authority (UFZA) and a Chinese firm, Guangzhou DongSong Energy Group Company Limited have signed a Memorandum of Understanding (MoU) to develop a Free Trade Zone in Sukulu, Tororo District.
“This Agreement is important for Uganda, not only as a vehicle for technology transfer and knowledge spill-overs but also in manufacturing, and adding value to our raw materials and increasing exports from Uganda,” . Richard Jabo, the Executive Director of UFZA said.
A Free Zone is a designated area where goods introduced into the designated are as generally regarded, so far as import duties are concerned, as being outside the Customs territory. UFZA will oversee this establishment and supervise the activities therein as stipulated in the Free Zones Act, 2014.
During the signing ceremony in Guangzhou City, Jabo, said when the investment is operational, it will provide jobs to many Ugandans and improve on the export of value-added products.
The Sukulu Phosphate Comprehensive Industrial Development Project, which is expected to create 2,000 direct jobs at the first phase, will be set up by a consortium of Guangzhou Dongsong Energy Group Company Limited and China-Africa Fund for Industrial Cooperation Company Limited.
The project will have one dressing plant, one phosphate fertilizer plant, one steel mill, one sulfuric acid plant, a hydro-metallurgical plant, one mineral powder grinding plant, one brick-making factory, one glass-making factory, one packaging plant, one Iron Tower Plant, among others.
The MoU that was witnessed by David Bahati, the State Minister for Finance Planning and Economic Development during the two-day 2nd Investing in Africa Forum where Uganda was one of the African countries that signed MoUs with Guangdong Province aimed at promoting investment in their respective countries. Guangdong signed nine MoUs with Uganda, Egypt, Ethiopia, Sierra Leone, Ghana and Democratic Republic of Congo.
The Forum that was organised by China Development Bank and the World Bank from September 7th - 8th September, focused on experience sharing, industrial and technological cooperation and investment opportunities in Africa.
East African Business Week
Please
contact us in case of Copyright Infringement of the photo sourced from the internet, we will remove it within 24 hours.
京公网安备 11010502030596号
