According to statement issued by his office, the Prime Minister started the trip in Mumbai, the commercial capital of India, meeting several investors interested in establishing factories and businesses in Uganda.

Dr Rugunda said: “We are here to attract serious investors who can process and add value to our products to enable us create the much needed jobs for our people and boost our export earnings through producing for the export market.”

Rugunda added that attracting investments in priority sectors such as agriculture and agroprocessing, tourism, ICT, housing and medical services, is most sure way to boost the economy.

The conclave will be opened by the President of India, Pranab Mukherjee.

Uganda Prime Minister Ruhakana Rugunda will sign letters of intent worth USD 100 million to boost bilateral trade with India.

“Uganda is looking forward to Indian investments and expertise in expanding its industry in areas of infrastructure, agro-processing, information technology and communication, services and education,” the Ugandan premier told PTI today.

The Prime Minister and his delegation were received by the Governor of Maharashtra Ch Vidyasagar Rao yesterday at the Raj Bhavan.

Mr Rugunda indicated that there are over 27,000 people of Indian origin who are contributing to the economy of Uganda, and the community accounts for over 68 per cent of direct tax collection.

“Uganda and India share a strong history, due to our colonial backgrounds. We have over 27,000 people from the Indian community that are contributing to our economy. We would now like to expand business ties and attract investments from India,” he added.

The other areas which Uganda is looking for cooperation with India are in oil exploration, energy, tourism, education and healthcare.

Uganda has appointed Madhusudan Agrawal, the co-founder and vice-chairman of Ajanta Pharma, as the Honorary Consul General in Mumbai. He too was present for the event.

Ajanta Pharma has been operating in Uganda for the past two decades, Mr Agrawal said.

Last month vice-president Hamid Ansari had visited Uganda which will pave way for more business opportunities for the Indian community, he said.