Uganda has become the first participant country at Expo 2020 to publicly announce a raft of new investment deals.

The news come the day after Uganda celebrated its national day at the six-month long event.

The total investments committed to at the signing ceremony are worth a combined total of about US$650 million.

The commitments included US$500 million for renewable energy and transportation projects; a US$50 million investment into mineral processing; and US$50 million for a new pharmaceutical facility to manufacture high quality diagnostics kits for HIV/AIDS, Malaria and TB.

The announcement was hailed as a major first sign of the investment opportunities that the Expo 2020 Dubai will bring to participant countries.

Robert Mukiza, director general of the Uganda Investment Authority, said: “This announcement of investment of about US$650 million is part of our broader ambition to bring in US$4 billion of new investment into Uganda to propel the country forward as it embarks on its post-pandemic recovery journey.

“This was the first trip abroad that our president has taken in over two years, and it was undertaken to support this major announcement.

“We are currently promoting about 79 bankable projects at different stages of development that are ready for investment. These projects can be actualised through public private partnerships, joint ventures, private or public arrangements and some are greenfield, brownfield or expansion projects. 

“Our partners therefore have a wide variety of investment options to pick from.”

Singing ceremonies were witnessed by the Ugandan minister of finance, planning and economic development, Matia Kasaija, at a special ceremony staged at the Uganda pavilion.