850 Lohana dignitaries from 139 cities of more than 22 countries from 29 business/service sectors attended LIBF 2023
Kampala: The international Lohana community has been courted by Ugandan President Yoweri Museveni to invest and make use of the country's abundant supply of raw materials. The President spoke at the Lohana International Business Forum held at Speke Resort in Munyonyo, Uganda on 22 March. The Lohana International Business Forum came to a close with a call from President Museveni urging business elites and investors from the influential global Lohana Indian community to invest in value addition.
He stated, “Lohanas like the Ruparelias and the Madhvanis have invited you from other parts of the world. They are genuinely appreciated because, if you add value to our abundant and diverse raw materials, this economy could grow to a trillion dollars. They have arrived here, so use them as an example.”
The three-day investment summit dubbed “Africa Calling”, looked at not only mobilising quality investments but also exploring a renewed commitment by the stakeholders to build better community business, investment and trade connections.
In his remarks, Museveni lauded notable members of Lohana in the country such as property mogul Sudhir Ruparelia, Madhvani family and the Mehta family for their efforts to interest the Lohana global community in considering Uganda as a viable investment destination.
“Uganda’s economy can easily grow into a trillion USD economy if the value is added to our raw materials. We have a wide spectrum of raw material in Uganda and all that is needed is value addition and there will be no reason for poverty,” President Museveni told the more than 850 participants from 139 cities of more than 22 countries from 29 Business/service sectors who attended the business forum.
The President held the view that Uganda not only loses revenue as a result of exporting raw materials but also forgoes jobs that should have been created domestically. This problem, he said, is across the economic sector, urging the participants to plug that gap as the Chinese are already doing. He encouraged competition between the Lohana and the Indian investors, in general, to embark on the competition with the Chinese in establishing value addition facilities in Uganda. According to Uganda Investment Authority figures, there are 1,900 factories owned by Indians and 900 owned by Chinese. Agro-processing, leather, minerals, ICT and pharmaceutical industries are some of the low-hanging fruits to embark on.
“Uganda has many natural resources, a young and increasingly educated workforce, steadily rising middle income and more stability in governance including microeconomic policies which makes an idea of this nation for a long-term investment,” he said.
During his address, Museveni rooted for manufacturing in the country and pointed to several sectors that can be exploited including agro-processing, minerals, and freshwater resources to facilitate fish farming, forest products, knowledge sectors like the automobile industry, services sector and the pathogenic economy.
Museveni said Uganda is welcoming to investors from across the world and noted that the Lohanas have played a big part in the country’s development for several decades.
We require that at least 70 per cent of the people they employ should be Ugandans: Rwakakamba.
In an interview, the chairperson of Uganda Investment Authority (UIA), Mr Morrison Rwakakamba, noted that the forum brings together a community (Lohana) known globally for its business acumen. He revealed that so far about five companies made presentations with a view to invest about $4 billion in total in the areas of manufacturing, agro-processing, ICT sector, pharmaceuticals, real estate and banking. Already members of Lohana are involved in mining, agro-processing, the hospitality industry and ICT.
Mr Rwakakamba said: “We require that at least 70 per cent of the people they employ should be Ugandans, and should be able to pay PAYE such that the country can have revenues to deploy in building infrastructure, health services and schools.”
As for the Lohana Indian community Investors, love is in the air already. Their Global President, Mr Satish Vithalani, cannot wait to have further engagement on how their members can deploy their capital here. He described Uganda as an amiable investment destination.
The Visionary Team:
An august gathering of more than 850 members of the Lohana community from over 22 countries of the world, assembled for the first-ever Lohana International Business Forum (LIBF 2023: Africa Calling)
An idea that started as thought by the Visionary team of Shri Satish Vithlani, Shri Subhash Thakrar, Shri Vijay Karia, Shri Vinay Dawda, Shri Sanjay Thakker is transforming the connection and the reach for fellow community members, well-supported our Lohana stalwarts like Mahendra Mehta of the Mehta group of companies, Chetan Chug of Vinmart, Mayur Madhwani of the Madhwani group, Sanjay Thakrar of the Euro Exim Bank, Dr Sudhir Ruparelia of the Ruparelia group, Lord Dolar Popat, HE Nimisha Madhvani Uganda High Commissioner to UK and other esteemed sponsors like Rashmi Chatwani of the Fairview Hotels group.
The event was blessed by the holy presence of Pujya Bramhavihari das Swamiji from BAPS Swaminarayan Temple, guiding the community towards establishing trust, brotherhood, faith and transparency and creating an environment for honest trade and in turn growth.
Africa is a gem waiting to be explored, with its rich reserves, growth potential, consumption economy and ease of trade opened up by the EAC and now part of the rupee trading countries.
A big bang opening night that set the tone for business, trade, and infinite opportunities for the Lohanas worldwide.
When Lohanas meet, they walk the talk, and mean business
The first full day of the LIBF Africa Calling summit saw some great participation from the government of Uganda as well as prominent contributors from the Lohana community.
Shri Satish Vithlani, the LMP President, delivered the keynote address on Connecting the Community – Vision and Mission of the Lohana Mahaparishad over the next decade.
Shri Sudhir Ruparelia, Shri Mayur Madhvani, Shri Mahendra Mehta, Lord Dolar Popat, Shri Chetan Chug, and Shri Subhash Thakrar, stalwart Lohana families who have been integral part of Uganda’s history for over three generations, presented the world of opportunities offered by Uganda and how the country has been a key part of their success story.
Lord Dolar Popat and Shri Subhash Thakrar took the audience through a detailed presentation of how East Africa is the growth story in making Pujya BramhaVihari Swami of BAPS Swaminarayan Temple unveiled and blessed the Lohana Moral Code Pledge where the entire community pledged to be the Lohanas who translate vision into action.
Mr Morrison Rwakakamba Chairman Board at Uganda Investment Authority highlighted and brought forth Uganda’s 10 investment priority sectors, Investment Environment and Incentives.
He invited participation in sectors of Oil and Gas, Agriculture, Mining and manufacturing and assured ease of trade and investments for all new investors.
Prominent members of the Lohana Community worldwide were invited to share their suggestions on how the community connect and outlook could change to make for better connections and growth for the community.
The Exhibition with Indo-African participation started off with a great start during the afternoon session where local industry, and local art alongside exhibitors from India saw some keen audience and trade possibilities for Indian Exhibitors.
