In order attract investments across the board, particularly in the oil sector, Ugandans have been urged to uphold the prevailing peace and stability.
Dr. Elly Karuhanga, the Chairman Uganda Chamber of Mines & Petroleum says a favorable political climate and citizens’ amiability is all expatriates need to invest in the country as of now.
Without this, he says no one can risk big sums of money to venture into the oil and gas sector which is a key catalyst for economic development.
“We have people who are borrowing huge sums of money to bring it into our country. But as soon as we threaten them by not being welcoming, they will run away”, Karuhanga cautioned
Being a mobile product, Karuhanga says Uganda must do all it takes to maintain sound diplomatic and trade ties with neighbors; Tanzania, Kenya and Democratic Republic of Congo (DRC).
“We have to hold Tanzania with kid gloves because our oil is mobile. It has to be shipped to the tankers in the oceans to be traded to the world”.
Regarding Kenya, he said Uganda must “hold it very close to our chest as a prey”, because it is a key entry point for our oil machinery.
To avoid disillusionment, he advised the youth to embrace certified skills training.
“If you remain in your bed and think that oil and gas will find you, it will never happen. You will remain poor”.
“You will be one of those people whom we shall see on the streets when they wake up demonstrating against everything that is going on”, Karuhanga adds.
It is expected that over 20 billion shillings will be spent as joint venture as oil companies move to commercialize Uganda’s petroleum resources.