OREANDA-NEWS. October 20, 2014. Vice President Edward Kiwanuka Ssekandi lauded China saying its continued investment in Uganda will help the Uganda transform to a middle-income one.

In a speech read for him by by Asuman Kiyingi, the state Minister for regional co-operation, at celebrations to mark the 65th anniversary of the establishment of the People’s Republic of China, VP Ssekandi said China’s support to Uganda will go a long way in facilitating the country to realize its 2040 vision.

According to Li Qianghua, the Deputy Chief of Mission at the Chinese Embassy in Uganda, the amount of bi-lateral trade  reached USD524 million (sh1.3trillion) in 2013.

Uganda’s exports to China reached USD 72million (sh188b), jumping by 67.8%. This is one of the greatest revenue returns Uganda has shared.

Ssekandi called on for more Chinese companies to invest in Uganda, especially in the Oil and Gas and Agriculture sectors.

Qianghua promised continued investment in Uganda.

He revealed that three Chinese companies have signed contracts with the Uganda government for the construction of Karuma, Isimba and Ayago hydro power stations.

“The Kampala-Entebbe express highway which is financed by EXIM Bank is under construction. And CNOOC (a Chinese Oil Company) became the first company to get the production license for the exploitation of Oil in Uganda,” Qianghua said.

All these projects will break the bottleneck of economic growth in Uganda and improve its investment environment and fast track the country’s economy, Qianghua said.

Other prominent projects built by Chinese firms in Uganda include the Mandela National Stadium, the Naguru Hospital, and the Office of the Prime Minister among others.

The People’s Republic of China was founded 65 years ago, on October 1, 1949. After major reforms and opening up to the outside world, the Asian country has emerged as a major global economic power and become the second-largest economy in the world, behind the USA.