Ugandan President Yoweri Museveni (5th right) with the visiting delegation from Afreximbank, GB Auto and Uganda Manufacturers Association.
President Yoweri Museveni of Uganda has commended the African Export-Import Bank (Afreximbank) for the role it is playing in facilitating investment into his country.
Speaking on 27 November when he received a delegation from Afreximbank accompanied by representatives of the Egyptian automotive company GB Auto Group and the Uganda Manufacturers Association, President Museveni said that Uganda welcomed foreign investment.
He referred to the import of used cars into Uganda and said that the country’s export revenues from the sale of its coffee could no longer continue to be lost through outflows on foreign “junk”.
Afreximbank, which has been assisting GB Auto’s expansion plans for Kenya, Tanzania and Uganda, was in Uganda to introduce the company to the President as part of efforts to support the company’s expansion plan into Uganda.
GB Auto is seeking to expand into the new car market in East Africa where imported used cars currently dominate, following studies it commissioned which show that used cars are more expensive in the long run when wear and tear costs and fuel inefficiencies are factored in.
GB Auto Group is a leading regional automotive player with a strong operational footprint in the North Africa and Middle East markets and a key partner to major global car manufacturers. It accounts for 25 per cent of Egypt’s car market and has annual revenue of about US$1.5 billion. The Group also has business interests in the fresh produce sector, non-banking financial services and vocational education.
Afreximbank’s Trade Information Unit helps identify growth markets for trade and investment and offers direct-to-company market access support to its clients.
Participating in the visit from Afreximbank were Lizanne Case, Head of Trade and Information Services; Kudakwashe Matereke, Regional Chief Operating Officer, East Africa; and Farida Kasujja, Consultant, Client Relations, East Africa. They were joined by Dr. Raouf Ghabbour, CEO and Chairman of the Board of Directors of GB Auto; Mansour Kabbani, Non-Executive Director, GB Auto; Barbara Mulwana, Chairman, Uganda Manufacturers Association; and Daniel Birungi, Executive Director, Uganda Manufacturers Association.
Ugandan President Yoweri Museveni (5th right) with the visiting delegation from Afreximbank, GB Auto and Uganda Manufacturers Association.