President Yoweri Kaguta Museveni welcomed a delegation of South Korean businesspeople led by Mr. Kwon Hurkkoo, Mr. Cho Shanghyu, and Mr. Kim Jinwook, all directors of HINENI Ltd., on July 17, 2024. HINENI Ltd. is a registered company in Uganda with its headquarters in Nakawuka, Entebbe Road.
During the meeting held at State House, Entebbe, President Museveni and his guests discussed areas of mutual interest and cooperation. Mr. Kwon Hurkkoo revealed their intention to establish a plant for manufacturing automotive components, including electric batteries, to support Kiira Motors Corporation.
Mr. Hurkkoo emphasized that the profits from their investment would not be taken out of Uganda but reinvested in the country for development. The investors, who also visited Kiira Motors Corporation, offered to provide expertise through training Ugandans in South Korea.
Additionally, Mr. Hurkkoo mentioned plans to invest in Styrofoam iron sheets to reduce heat and noise in residential environments. Mr. Cho Shanghyu, an ICT expert, expressed their interest in investing in advanced ICT technology and installation in Uganda.
President Museveni thanked the investors for coming to Uganda and reiterated the good working relationship with South Korea. He encouraged them to take advantage of Uganda’s strategic location in Africa and its abundance of raw materials by investing in the country.
“Uganda is much easier to develop because it has a lot of resources. Even now, production is very big, but the problem is its raw materials. By adding value to these raw materials, Uganda’s economy will thrive. You are most welcome, and we shall give you all the support,” he said.
The President endorsed their investment initiative but stressed the importance of ensuring the safety of materials used, which must meet the required standards set by the Uganda National Bureau of Standards (UNBS).
The meeting was 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 of the 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.
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