When you talk to most Ugandans undertaking different business ventures, you will get mixed reactions about the state of Uganda’s economy. Many would say it is hectic for business. They will also give varying reasons.
But for businessman Sudhir Ruparelia his response is positive and promising. The mogul with businesses in all sectors, the country’s economy is recovering and good for doing business. This economy, he says, is good for entrepreneurship.
“First of all I must say that as a Group we have confidence in this economy which is why we continue to invest and reinvest in Uganda. Whatever challenges there are, we have come to accept that, that is the nature of business,” Sudhir said in an interview with CEO East Africa.
“There is no economy without challenges,” he explained, adding “So we just have to learn how to navigate around them and wake up each day with hope and optimism that things will get better,”
The businessman is optimistic that the economy will continue to grow having recovered from the 2016 slowdown. He expects the economy to continuing growth at about 6 percent as predicted by ministry of finance and IMF.
Asked how his conglomerate Ruparelia Group has been able to sail through the difficulties the economy and his business empire has been facing, the businessman said a diversified business portfolio helped the Group survive.
“As you know, we are a multi-sectoral entity so some sectors have done better than the others but across the board I can say things are looking up,” he noted. Sudhir has seen his real estate business tremendously grow with new affluent apartments & hotels coming to life.
The hotel business had given the businessman a lifeline as Meetings, Incentives, Conferencing & Exhibitions (MICE) tourism took shape globally. Sudhir’s hotels Speke Resort Munyonyo, Kabira Country Club have benefited from both local and international conferences, workshops and meetings.