The Minister of State for Finance Hon. Evelyn Anite has today Wednesday officially inaugurated the new 7 Uganda Investment Board (UIA) members who were appointed by the Ministry of Finance after the term of the old board expired.Minister of State for Finance
At the ceremony held today at the UIA offices in Kampala, the Minister urged the new board members to resist the temptation of corruption that comes with being in their positions.
She further urged them to work hard on Uganda’s investment climate so they can attract high quality Foreign Direct Investments (FDI).
“Our biggest challenge has been the quality of investors we have been attracting to our country. That is why we have seen a lot of ‘white elephant’ investments that never yield any tangible benefits,” she said.
Min. Anite said President Museveni’s target is to transform Uganda into a first world country and this will only be possible by promoting investment.
“You are high quality people that have been selected from a pool of able leaders. We trust you and believe you will be able to work hand in hand with the administrative team to change the quality of foreign investors that we attract to this country,” she said.
The Minister said the quality investment will create decent jobs and add value to the 32 natural minerals that Uganda has at the moment.
“Our target is 1 million jobs per year and a total of 25 industrial parks. We expect you to not only licence a 100 companies weekly but also facilitate them to succeed by providing them with a good investment environment,” she said.
Min. Anite also urged the board to give priority to the local investors by giving them the same incentives and conducive environment like the foreign Investors.
In addition, she asked them to resist from allowing any investors to mortgage the land that will be given to them as loan security.
The new members who will run the board for the next three years include the Board chairperson Emely Kugonza, Morrison Twesigye Rwakakamba, Fred Opolot, Naima Obombasa, Gertrude Lutaaya, Godfrey Byamukama and the Ministry of Trade representative Joshua Mutambi.
The Board Chair, Kugonza thanked the Minister and the entire Finance Ministry for the support they have been offering to the board since the members were announced and promised to work with everybody to make UIA and the Investment sector a success.