The Korean investors have expressed intention to establish a plant in Uganda to manufacture automotive components, including electric batteries, to complement Kiira Motors Corporation’s efforts in electric vehicle production.
The delegation led by Mr. Kwon Hurkkoo, Mr. Cho Shanghyu, and Mr. Kim Jinwook, Directors of HINENI Ltd, a company registered in Uganda with its headquarters in Nakawuka, Entebbe Road was welcomed by President Yoweri Kaguta Museveni at State House, Entebbe, on July 17, 2024 and they explored areas of mutual interest and cooperation between the two nations.
Mr. Kwon Hurkkoo emphasized that the profits from this investment would be reinvested in Uganda, contributing to the country’s development.
The delegation also visited Kiira Motors Corporation and offered to provide expertise and training to Ugandans in South Korea. Additionally, they expressed interest in investing in Styrofoam iron sheets to mitigate heat and noise in residential areas. Mr. Cho Shanghyu, an ICT expert, highlighted their plans to invest in advanced ICT technology and installation in Uganda.
President Museveni thanked the investors for choosing Uganda and emphasized the country’s strategic location in Africa, abundance of raw materials, and potential for value addition. He assured them of his government’s support and encouraged them to take advantage of Uganda’s resources. However, he stressed the importance of adhering to safety standards set by the Uganda National Bureau of Standards (UNBS).
“Uganda is much easier to develop because it has got a lot of resources. Even now production is very big but the problem is its raw materials; so, by adding value to these raw materials, Uganda’s economy will be far.,” President Museveni said.
The meeting was attended by Hon. Monica Musenero, Minister of Science, Technology and Innovation; Hon. Esther Davinia Anyakun, Minister of State for Gender, Labour & Social Development (Labour, Employment & Industrial Relations); Ms. Aminah Zawedde, Permanent Secretary, Ministry of ICT and National Guidance; Prof. Vincent Anigbogu, founder of the Institute of National Transformation; Mr. Paul Isaac Musasizi, CEO of Kiira Motors Corporation; Mr. Ji Soonim; Mr. Kim Jeong Dae; Mr. Cho Kyungsik; Mr. Shin Chaechul; and Mr. Richard Okodel Mukhalu.
This investment is expected to boost Uganda’s automotive industry, create jobs, and contribute to the country’s economic growth.
