Multi-Billion Picfare Industries Factory Commissioned By Museveni

Posted by: Kyeyune Andrew Jonathan in Uganda news May 6, 2021

Picfare industries has turned around from being just a textile company and has now become a printing company. On Wednesday, the president, Yoweri Kaguta Museveni praised them for the big move and commissioned their new factory as well.

“I congratulate Picfare for this new investment. I remember when the proprietor came here and I told him Uganda is a safe investment destination. He had suffered in Rwanda but told him that here under the NRM, we are not gamblers. And that he would be here for a long term and won’t regret,” Museveni said on Wednesday.

The proprietors at Picfare said the newly commissioned factory in Namanve industrial area cost up to $12.5 million which is roughly shs44.5 billion to complete.

For the president though, it is a prophecy that has come to pass. He had predicted that the company would expand. He also assured the proprietor of the factory that government will ensure they lower the cost of electricity to five cents per kilowatt-hour.

Museveni explained that the Ministry of Energy has finalized a study on how power can be moved from the dam directly to the industrial park without the middlemen that he said are exploitative.

“It will definitely bring down the cost of power. For the factories, it should be government dams to provide power and for the other businesses like night clubs and bars should be provided from someone else like thermal power,” he said.

In other areas, the factory has created a number of new jobs due to its expansion. This made the president ecstatic. He said this will be a game-changer and also that if the country can have more of such companies, many Ugandans will be employed.

Also, the company is moving its operations from Njeru in Buikwe district to Namanve industrial park. The new factory built on 11acres and measuring 20,000 square meters.

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