President Museveni on Sunday met investors from the MAN Group of India that specializes in the production of coating and insulation for oil pipelines. MAN is one out of four companies in the world that is in this line of business.
MAN, with annual turnover of $4 billion has made an investment decision to develop a factory to manufacture coatings in Uganda.
A $ 60 million investment will create 1200 jobs, enhance government revenue and reduce the need for forex to important coatings.
The factory will be strategically located along the oil pipeline route in western Uganda that has been identified.
The investment comes at a time when Uganda’s oil and gas sector is starting to take shape.
In his remarks president Museveni, welcomed the investors and pledged his full support for the project and emphasized the need to quickly put the investment on the ground so that it ties with the government timelines on developing the oil and gas sector.
Mr. Museveni advised the investors to consider expanding their business concept and include manufacturing of oil pipeline sheets.
Chairman of MAN, Mr Manschukani, thanked the President for his support and reiterated his commitment to have the factory done, 6- 8 months, upon receiving all the necessary approvals.
The meeting was attended by Indian High Commissioner to Uganda, The Chairman, Nile Competitiveness initiative, Mr Stephen Kaboyo and Mr Pradip Karia, a Member of NCI and Proprietor of Property Services.
MAN was sourced through the Nile Competitiveness Initiative, a Presidential Advisory Group that HE set up last year to facilitate and promote investments in the country.