DFCU Chairman Dr Elly Karuhanga

The Islamic Revolution Mostazafan Foundation has expressed interest in investing in various projects in Uganda including in the mining and petroleum sectors.

A three-man delegation from the Foundation was in the country and met the Uganda Chamber of Mines and Petroleum (UCMP) Chairman Dr Elly Karuhanga, who outlined to them the investment opportunities available.

“With Uganda eyeing first oil in 2020, the opportunities in the oil sector are immense,” Dr Karuhanga told the Iranians, adding that other than the oil refinery and oil pipeline projects, other supportive infrastructural projects like roads, the railway and energy are in the offing.

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Other opportunities, Dr Karuhanga said, exist in logistics management, foods and beverages, security, finance, human resource, waste management and crane services.

“At least up to USD20 million is expected to be invested in Uganda to help the oil industry take off smoothly,” he said, inviting the guests to partner with UCMP in the mining and oil sectors.

Dr Karuhanga said Uganda also has minerals like iron and steel, copper, limestone, gold, tin, tungsten and Columbite Tantalite (Coltan), and that investing in value-addition to such minerals would provide great returns to the Foundation.

Speaking during the meeting Mr Seyed Mortaza Mortaza, the Iranian Ambassador to Uganda noted that the country offers great business prospects for Iranians, adding that the two countries enjoy strong bilateral ties.

The Mostazafan Foundation is the second largest commercial enterprise in Iran, controlling 150 companies spread across assorted sectors like agriculture, foods and beverages, mining, petroleum and manufacturing.


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