PACEID delegation urges Chinese company to invest in Uganda

The delegation from the Presidential Advisory Committee on Exports and Industrial Development (PACEID) tried to learn building export infrastructure for various industrial sectors during the visit.

PACEID is a think tank that advises President Yoweri Kaguta Museveni on strategic and systemic interventions aimed at accelerating exports growth and industrial development.

Kam Hing International Holdings, owned by Tai Chin Wen and his family and listed on the Hong Kong stock exchange, has annual revenues of $600 million, and sells to western retail outlets like Macy’s, Target and Walmart and sports brands like Adidas and Nike.

Tai Chin responded that the company can explore the possibility of entering into a partnership with the Ugandan government to source cotton and fabrics if the latter guarantees enough water, uninterrupted electricity and overall safety and security, a PACEID release said.

The Hong Kong-headquartered company supplies to Africa, Singapore, Vietnam and many other Asian nations.

The Ugandan delegation told the company that when their country starts producing oil next year, the beginning of a thriving petrol chemical industry is anticipated that will provide dyes for printing for the cotton industry.

So if the company becomes an early-bird investor, President Museveni will offer it all fiscal and market protection, they assured.

Fibre2Fashion News Desk (DS)