President assures investors of availability of land

Thursday 1st March 2012

President assures investors of availability of landThe President poses for a photograph with the investors

President Yoweri Museveni has held a meeting with a delegation from the Kalangala-based Bidco (Uganda) Ltd whom he assured of the Government commitment to enable their company access land to expand further their oil palm project in the country.

During the meeting that took place at Kampala Serena Hotel this morning, and was attended by Lands, Housing and Urban Development Minister, Mr. Daudi Migereko and Deputy Treasury Secretary, Mr. Keith Muhakanizi, the President told the delegation that was led by Managing Director, Mr. Kodey Rao, that government would assist them to get 8,000 hectares of land in Buvuma district to further enhance the oil palm project in Uganda. He told the Ministry of Lands, Housing and Urban Development, to facilitate Bidco Ltd so that that Company continues to contribute to the economic development of the country.

Bidco Managing Director, Mr. Rao, revealed that the small scale farmers who sell their produce to the Company will earn Shs 3.5 million per acre per year from the cultivation of oil palm trees. He gave indication that 30,000 hectares of land would go a long way in ensuring the sustainability of the project.

The oil palm project in Kalangala district that started in 2002 is a government initiated programme, led by the Vegetable Oil Development Project, along with other investors through a joint venture between Wilmar Group of Malaysia, Josovina Commodities of Singapore and Bidco Oil Refineries of Kenya. The joint venture between the 3, formed Oil Palm Uganda Limited and Bidco Uganda Limited.

The project is the single largest foreign direct investment in the country in the recent past crossing over US$150 million. At its peak, the project will make Uganda fully self-sufficient in edible oils, removing the need for nearly US$100 million worth of oil imports annually.

ENDS

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