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Government urged to Concentrate on Local investments for Economic Development

Government has been advised not to over rely on foreign investors for the economic development but to concentrate on Ugandan local investors for effective development.

 

While speaking at the 7th CPA Economic social empowerment forum held on Wednesday 17 at Imperial Resort beach in Entebbe, Dr. Joseph Muvawala, the Executive Director National Planning Authority said that Uganda can only develop if local investments are given the top most priority.

 

“There is no Country that develops based on only foreign investors, all countries base themselves on their local investors, because they are reliable and don’t migrate during politics.

 

If this country is going to develop we must concentrate on our local investors while we bring foreign investors to supplement where we are not able technically and technical,” he said.

 

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He noted that it’s not that Uganda does not value local investments, but “we are waiting for advice and these people are the best advice you can get in tax because they can tell you whether our tax is fair or not and how we can skew it.”

 

Muvawala cited that one of the weak points of government is the inability to evaluate taxes for stance; Mobile Money’s impact should be checked since it’s now been a year since it was introduced.

Dr. Muvawala speaking at the forum

On exporting labor, he said that it’s a good idea, but regulation, quality of workers exported matters and government should play a role in certifying them.

 

“The bottom line is, as government now, let us invest in certification as a government, its expensive, people cannot afford it. As we spend government money let us spend it in areas that are going to help us leverage more financing.

CPA Kibedi having a light moment with Dr.Muvawala, CPA Ruth Mutebe and others

In his opening remarks, CPA Fredrick Kibbedi,the President of ICPAU said  that Over the years, accountants have submitted several proposals pertaining to tax, amendment Bills and the national budget which have been considered.

 

“ I am pleased to report that some of these have been adopted and I will mention a few. At the 6th Economic Forum in 2018, (some of you were present), we submitted a proposal for the recapitalisation of the Uganda Development Bank.

 

In the 2019/20 budget speech, the Honourable Minister mentioned that UDB will be further capitalised through an allocation of 103.5 billion shillings.”

 

Mr. Kibedi also thanked all the sponsors for their continued support and participants for sparing their time to attend the forum.

 

The forum sponsored by Civil Aviation Authority of Uganda and NWSC, saw a huge turn up from accountants all over the country, top government officials, farmers and journalists among others.

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