Published on 18/07/2024
President Yoweri Kaguta Museveni welcomed a delegation of South Korean business leaders from HINENI Ltd at State House, Entebbe on July 17th, 2024. The delegation, led by directors Mr. Kwon Hurkkoo, Mr. Cho Shanghyu and Mr. Kim Jinwook, explored new avenues for collaboration.
HINENI Ltd, headquartered in Nakawuka, is committed to enhancing economic ties. The discussions focused on mutual interests and future partnerships.
Mr. Kwon Hurkkoo disclosed their intention to establish a plant that will manufacture automotive components among which will be electric batteries to complement Kiira Motors Corporation.
He further emphasised that the profits they will get from the investment will not be taken out of Uganda but rather reinvested in the country for development.
The investors who also visited Kiira Motors Corporation, offered to give expertise in the form of training Ugandans in South Korea.
On the other hand, Mr. Hurkkoo said they intend to invest in Styrofoam iron sheets in order to mitigate heat and noise in the environment where people live.
Mr. Cho Shanghyu an ICT expert noted that they also want to invest in advanced ICT technology and installation in Uganda.
On his part, President Museveni thanked the investors for coming to Uganda and reiterated a good working relationship with South Korea.
He urged them to take advantage of Uganda’s strategic location in Africa and availability of raw materials by investing in the East African country.
“Uganda is much easier to develop because it has got a lot of resources. Even now production is very big, but the problem is its raw materials; so by adding value to these raw materials, Uganda’s economy will be far. You are most welcome, we shall give you all the support,” he said.
The President also endorsed their investment initiative but emphasised the importance of safety of the materials to be used which must be subjective to the required standards under the Uganda National Bureau of Standards (UNBS).
The meeting was also attended by the Minister of Science, Technology and Innovation, Hon. Monica Musenero, the Minister of State for Gender, Labour & Social Development (Labour, Employment & Industrial Relations), Hon. Esther Davinia Anyakun, the Permanent Secretary- Ministry of ICT and National Guidance, MS. Aminah Zawedde, Prof. Vincent Anigbogu, the founder of the Institute of National Transformation and Mr. Paul Isaac Musasizi, the CEO of Kiira Motors Corporation.
Others who attended were, Mr. Ji Soonim, Mr. Kim jeong Dae, Mr. Cho Kyungsik, Mr. Shin Chaechul and Mr. Richard Okodel Mukhalu.
