Korean Firm Keangnam Plans Power and Housing Investments in Uganda

Koreans Eye Uganda’s Power and Housing Sectors

Source: New Vision (Kampala), February 2, 1998  |  Reporter: Joseph Olanyo

Aerial view of Uganda

A wave of Korean investment is reaching East Africa. Keangnam Enterprises Ltd., a Korean engineering and construction firm, announced its interest in investing in Uganda’s power generation and launching a low-cost housing project—marking its seventh such initiative in Africa. This step illustrates how infrastructure capital and affordable shelter often move in tandem, catalyzing jobs during construction while laying foundations for longer-term growth.

Keangnam Representatives in Talks With Ugandan Government

Over the weekend, Tae-Ho Moon, Executive Director of Keangnam, and Nam-Hun Kang, Regional Director, arrived in Kampala to explore opportunities for a joint venture with the Ugandan government. The delegation was received by Muhammad Majyambere, Chairman and Special Advisor of the Uganda National Chamber of Commerce and Industry, signaling a business-to-government channel capable of moving projects from concept to feasibility and, ultimately, delivery.

For Uganda, the priorities are clear: expand reliable electricity, reduce outages, and support urbanization with dignified, attainable housing. For a firm like Keangnam, alignment with national planning opens the door to bankable projects and long-term operations and maintenance—where stable returns often accrue.

Part of the Daewoo Family, With a Vision for Africa

“We are one of the Daewoo companies, established in 1957,” said Mr. Moon. Over decades, Keangnam has delivered roads, housing estates, and public buildings in multiple African markets, building a reputation for large-scale coordination and on-time delivery. That track record matters in sectors—like power and housing—where construction risk, financing schedules, and community impact must be managed with care.

Company logo 

With a dual focus on energy infrastructure and affordable housing, the firm aims to contribute to both economic growth and social development in Uganda. In practical terms, that could mean independent power projects (IPPs), public-private partnerships for distribution upgrades, and mixed-income housing estates that blend cost discipline with essential services like water, transport access, and schools.

Conclusion: Expanding Korea–Africa Economic Partnerships

Keangnam’s 1998 interest in Uganda reflected a broader trend of South Korean firms seeking strategic partnerships across Africa in the late 1990s. Looking back, such initiatives were early threads in a larger tapestry of cooperation—linking capital with unmet infrastructure needs and pairing engineering know-how with the promise of inclusive urban development. As power capacity and housing stock expand, local supply chains, small businesses, and skilled jobs tend to follow, reinforcing a cycle of investment and human development.

South Korea and Uganda Partnership

Such initiatives may well be seen as early examples of the deepening ties between Korea and the African continent — a story of mutual opportunity and shared progress.

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If you found this historical snapshot useful, bookmark it—more Korea–Africa investment stories are coming soon.

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