The Signing of a Memorandum of Understanding
Posted: August 14th 2008
Subject: The Signing of a Memorandum of Understanding between M/s Kagera Eco-Cities and M/s Paradise International Investment Limited
Source: Management,
Lake Victoria Free Trade Zone Authority Limited
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the way to Lake Victoria Free Trade Zone, Sseesamirembe Eco-City, Rakai District Uganda |
This simple ceremony of signing a Memorandum of Understanding between the two organizations mentioned above has great historical significance between the people of China and Uganda.
The background to the activities of this historical event is that for over ten years, a few committed Ugandans worked tirelessly to conduct research studies which culminated in the creation of Lake Victoria free Trade Zone Authority Limited.
On 18th January 2006, the Government of the Republic of Uganda signed a compressive Memorandum of Understanding (MoU) with M/S Kagera Eco-Cities Limited, the promoters of the eco city.
The eco city was granted powers of a municipality and a charter based on international best practices of governance. The eco city has thus the power to enact ordinances that are in harmony with the Constitution of Uganda, so as to ensure that development is controlled and occurs in an ecologically friendly and orderly manner.
Kagera Eco-Cities then created M/s Lake Victoria Free Trade Zone Authority Limited, which is the management and development company in the free trade zone. M/s Paradise International Investment Limited, a Chinese firm, has bought shares in M/s Lake Victoria Free Trade Zone Authority Limited. This has happened after a long process of discussions and negotiations. The Chinese partners have agreed to work with their Ugandan partners to develop the free trade zone area.
The planning area of the Free Trade Zone covers two hundred (200) square miles, situated in Southern Uganda, skirting River Kagera and Lake Victoria in Rakai District.
The mission of the Free Trade Zone is centered on job creation and income generation. This is in line with the government program of Prosperity For All (PFA). There will be considerable opportunities for economic and commercial activities. The zone will welcome and accommodate foreign as well as regional and local investors.
All developments in this city shall strictly adhere to the principles of sustainable development which can enhance the health and wealth of the people in the zone and its neighbors.
The promoters of the zone are very grateful to the Government of Uganda, for creating a conducive environment for investment and business opportunities. In particular, the promoters wish to acknowledge the encouragement and unwavering support they received from H.E the President of Uganda. In the same spirit, the promoters of the zone wish to thank the Government of the People’s Republic of China, which is promoting an historic program of China-Africa Partnership Corporation.
The signing of this Memorandum of Understanding today 12th August 2008, launches the program of the Lake Victoria Free Trade Zone. Real work has begun.
Management,
Lake Victoria Free Trade Zone Authority Limited
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