President Yoweri Kaguta Museveni of Uganda has met with Korean investors and discussed with them the possibility of boosting electric automotive production.
The investors led by Kim Jinwook, Cho Shanghyu, and Kwon Hurkkoo, the directors of HINENI Ltd., a company registered in Uganda with its headquarters in Nakawuka, Entebbe Road, met the President at State House, Entebbe, on Wednesday, July 17, 2024.
The Korean investors who also visited Kiira Motors Corporation and offered to provide expertise and training to Ugandans in South Korea expressed their intention to establish a plant in Uganda to manufacture automotive components, including electric batteries, to complement Kiira Motors Corporation’s efforts in electric vehicle production.
President Museveni thanked the investors for choosing Uganda and emphasized the country’s strategic location in Africa, abundance of raw materials, and potential for value addition.
However, he stressed the importance of adhering to safety standards set by the Uganda National Bureau of Standards (UNBS).
The partnership between Kiira Motors and Hinei Ltd. is a significant step towards Uganda’s goal of becoming a hub for electric vehicle manufacturing in East Africa, creating jobs, and contributing to the country’s economic growth.