KAMPALA: The United Arab Emirates (UAE) is looking for land close to a lake in Uganda where to establish a free trade zone.
A free trade zone is an area in which goods may be landed, handled, manufactured or reconfigured, and re-exported without the intervention of customs authorities.
UAE Ambassador to Uganda Abdulla Mohammed Al Takkawi said if they got such land, more investors from the Emirates would set up shop in Uganda, adding that the National Bank of Abu Dhabi wants to invest in some projects here.
“The one in charge of free trade zones in Dubai came here; he wants a place by the lake and a main road,” Mr Takkawi said yesterday while meeting Parliament Speaker Rebecca Kadaga.
“Business people prefer it that way. When we get it, he will come here and bring business people with him.”
The ambassador did not say how much land they would need and what kind of factories they would establish.
Uganda enacted a Free Zone law in 2014. The law provides for the establishment of free zones – areas where the goods introduced into the designated areas are exempt from Uganda Revenue Authority taxes.
