Capital-thirsty Uganda pitches its mining potential to Chinese investors

March 29, 2025 in Business, Energy, Trade & Industry by Editor

Uganda and China showcased their deepening economic and strategic ties, hosting the 1st Uganda–China (Liaoning) Mining and Petroleum Investment Promotion Conference in Shenyang, where the country’s efforts to raise capital for its fledgling mining and petroleum sector, were not far in the wings.

The high-profile event on March 28, organized by the Embassy of the Republic of Uganda in China, in collaboration with the Uganda Consulate in Guangzhou and the Liaoning Provincial Department of Commerce, brought together senior Ugandan and Chinese officials, industry leaders, and investors to explore opportunities in Uganda’s mineral and energy sectors, which are brimming with untapped potential but are starved of capital.

“Uganda is rich in minerals and petroleum resources, and we are building the right legal frameworks, infrastructure, and incentives to ensure value addition, sustainability, and a good return on investment,” Eng. Irene Pauline Bateebe, the Permanent Secretary of Uganda’s Ministry of Energy and Mineral Development, told the conference.

Among the highlights of the conference, was the celebration of growing sub-national cooperation, notably the twinning agreement between Jinja and Shenyang, aimed at fostering collaboration in trade, education, and infrastructure.

In a recorded address, President Yoweri Kaguta Museveni invited Chinese investors to seize the vast opportunities Uganda offers, assuring them of committed government support.

“Uganda is stable, open, and eager to work with long-term partners. We welcome you to be part of our transformation journey,” he said.

The conference featured key presentations from the Uganda Investment Authority, the Ministry of Energy and Mineral Development, and the Chamber of Mines and Petroleum, detailing incentives, upcoming projects, and ongoing reforms to ease bureaucratic challenges for investors.

Leading Chinese businesses, including CNOOC, which is already a major player in Uganda’s oil and gas program, showcased their contributions to Uganda’s oil and gas sector.

The Liaoshen Industrial Park, operational in Kapeeka, shared its success story and encouraged further collaboration.

Mr. Cui Changzheng, Deputy Secretary General of the People’s Government of Liaoning Province, praised the rapid growth in bilateral trade, which expanded 78pc between 2023 and 2024. He reaffirmed Liaoning’s commitment to expanding partnerships in infrastructure, agriculture, and manufacturing with Uganda.

The event followed the recent elevation of Uganda-China relations to a Comprehensive Strategic Partnership in 2024. Ambassador Oliver Wonekha and Consul General Judyth Nsababera emphasized Uganda’s vision for industrial partnerships founded on mutual benefit and trust.

As the conference concluded, the Uganda Embassy invited Liaoning Province to put together a business delegation that can visit to explore and experience firsthand, the investment opportunities in Uganda.

“Uganda is not just open for business. We are building an economy that works for the future. Join us,” Ambassador Nsababera said.

Batebe expressed its gratitude to all partners and participants, reaffirming Uganda’s commitment to fostering economic partnerships that drive prosperity, innovation, and long-term collaboration.