China’s Paradise International Investment Ltd is investing $1.5b in Lake Victoria Free Trade Zone, to be named Ssesamirembe Eco-City in Uganda's Rakai district.

The partnership between Paradise and the Kagera Eco-Cities is touted as the single largest private investment in East Africa. Companies operating in this zone will be exempt from paying income custom, corporate income and value added taxes.

The Ugandan government gave Kagera Eco-Cities Limited the nod to construct the city. It was also awarded autonomy with municipality powers and a governance charter, on condition the company keeps corruption at bay. Eco-City has the power to enact ordinances that are in harmony with the Constitution to ensure that development is controlled and occurs in an ecologically-friendly and orderly manner.

Key projects include an International Airport, Airport City, Lake Port City and Container Ships, Lake Victoria Casino Hotels, International China-Africa Friendship University and an international finance centre.