KAMPALA, Uganda — At just 42, Ashish Monpara, a visionary leader, has built a business empire in Uganda that now employs more than 13,000 people both directly and indirectly. His Modern Group of companies has invested over $700 million in the country, becoming a top tax contributor.
The company’s commitment to quality and innovation has earned it several accolades, including the Best FDI Award for its Modern Tiles Plant at the Global Investment Awards.
Monpara’s journey in Uganda began in 2015, when he visited the country with his father. He was immediately captivated by the country’s beauty and serenity.
“When I came for the first time to Uganda, I was passing through Mabira Forest,” Monpara said. “The breathtaking beauty, peace and calm that I got over here is what actually attracted me.”
His father had been scouting investment opportunities in Africa since 2010. Monpara said their analysis consistently pointed to Uganda as the most stable market.
“Our data and analytics team consistently indicated that Uganda stood out as the most stable market, boasting economic, political, and social stability, coupled with vast potential,” he said.
Rapid Expansion and Import Substitution
The Modern Group’s journey began with the launch of Modern Distillers Ltd in December 2015. Since then, the group has rapidly expanded to include 10 companies, with a total investment of approximately 2.4 trillion Ugandan shillings (Shs.) and an import substitution value of $100 million.
The group’s diverse portfolio includes:
Modern Gas (2018):Â Manufactures carbon dioxide for major clients like Coca-Cola and Pepsi.
Modern Tiles (2020):Â The largest tile manufacturing facility in East Africa, producing 49,000 square meters daily and now controlling about 45% of Uganda’s tile market share.
Kaliro Sugar Factory (2023): The company’s most recent venture was the acquisition and relaunch of the factory, which employs 1,500 people directly and 3,000 indirectly.
Monpara said his success has been built from scratch, with his money being “100% first-generation.” He said the company’s growth has been fueled by reinvesting profits back into the country.
A Favorable Investment Climate
According to Investment and Privatization State Minister Evelyn Anite, the Modern Group’s growth is a testament to Uganda’s long-term development frameworks and investment-friendly policies.
“This is exactly the kind of investment we want to attract,” Anite said. She noted that Uganda has grown from just 85 factories in 1996 to over 8,000 today, attracting between $2.3 billion and $2.5 billion in foreign direct investments annually.
Anite commended Monpara for his commitment to paying taxes and reinvesting in the country. She also highlighted government incentives, including a 10-year income tax holiday for large foreign investments and a 75% import duty reduction on factory equipment.
Monpara himself praised the conducive environment created by President Yoweri Museveni, noting that the Ugandan shilling is one of the strongest performing currencies in Africa.
The only significant hurdle he has faced is a scarcity of trained labor, which his company is addressing by providing on-the-job training.
“I believe in this economy, this country, its people, customers, and growing market size,” Monpara said. “Uganda is positioning itself as the most attractive investment destination in East Africa. Today, we are ranked number one in the region, outpacing Kenya, Rwanda, Congo, South Sudan, Tanzania and Burundi in attracting significant investments.”
